The bid to set clear working rules for the cryptocurrency industry in the U.S. got a booster pill Thursday as the House of Representatives passed key pieces of legislation.
The passage was cheered by the cryptosphere and top officials of the Trump administration.
What happened: SEC Chair Paul Atkins deemed the passage of the GENIUS Act, also known as the stablecoin bill, a "historic milestone" for crypto entrepreneurs and market participants.
"I look forward to watching the market leverage the regulatory framework provided by the GENIUS Act to go to market with payment stablecoin solutions that make transactions quicker, cheaper, and safer," Atkins said in a statement.
Brian Armstrong, CEO of America’s largest cryptocurrency exchange, Coinbase Global Inc. COIN, described the development as “huge” and stated that the industry is “incredibly close to having a clear regulatory framework.”
Jeremy Allaire, co-founder and CEO of the newly listed stablecoin-issuing company, Circle Internet Financial CRL, commended Congress for showing strong bipartisan support to pass an "enormously significant" piece of legislation.
Robinhood Markets Inc. HOOD CEO Vlad Tenev said it's "a good day for innovation" in America, taking a step closer to making cryptocurrency the backbone of the financial system.
See Also: Trump Wishes Bitcoin, Ethereum, XRP ‘Happy Crypto Week!’ — ‘It Is All Part Of Make America Great Again’
Meanwhile, economist and Bitcoin BTC/USD critic Peter Schiff suggested potential corruption in the passage of the bills.
"Power corrupts. And in Congress, money buys it. There's no better display than crypto week, where Bitcoin whales paid off key members to dress their digital pyramid scheme in a cloak of legitimacy," he said.
Why It Matters: The House voted for three bills on Thursday. The GENIUS Act, which has already passed the Senate, aims to establish the first regulatory framework for issuers of dollar-pegged stablecoins such as Tether USDT/USD and USDC USDC/USD. It is set to arrive on President Donald Trump's desk soon.
The CLARITY Act, which proposes to split cryptocurrency oversight between the SEC and the CFTC, also sailed through and will now proceed toward the Senate.
Lastly, the lower chamber passed the Anti-Central Bank Digital Currency bill, which will prevent the Federal Reserve from issuing a centrally controlled digital dollar.
The bills passed, but not before a bumpy ride, thanks to disagreements between House Republicans that forced Trump to intervene.
Concerns over Trump-backed ventures and a potential conflict of interest have heightened scrutiny of the bills, with senior Democrat Sen. Elizabeth Warren (D-Mass.) among the most vocal opponents.
Photo Courtesy: PeopleImages.com – Yuri A on Shutterstock.com
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