House Republicans Pass Crypto Bills After Record 10-Hour Vote
In a historic procedural showdown, House Republicans passed three major cryptocurrency bills late Wednesday night, following a record-breaking 10-hour vote. The final tally came in at 217-212, clearing a major hurdle for crypto regulation in the United States.
Key Highlights:
- Three major crypto bills advanced: the GENIUS Act (stablecoin regulation), the CLARITY Act (market structure), and the Anti-CBDC Surveillance Act
- Longest procedural vote in House history, lasting from 1:19 PM to 11:04 PM ET
- Final deal included a ban on Central Bank Digital Currencies (CBDCs) attached to the must-pass National Defense Authorization Act (NDAA)
- The GENIUS Act could reach President Trump’s desk by Thursday
- The CLARITY Act vote may happen next week, depending on scheduling
Procedural Drama and Compromise
The vote nearly failed to materialize.
Hardline Republicans from the House Freedom Caucus initially blocked the measure on Tuesday, arguing that the crypto bills didn’t go far enough to block a Federal Reserve-backed CBDC. Their concern centered on the GENIUS Act, which they feared might offer a “back door” for a CBDC—despite its explicit language restricting Fed authority.
House leadership reached a compromise on Wednesday by agreeing to attach the CBDC ban to the NDAA, a must-pass defense spending bill that routinely clears both chambers of Congress.
This shift allowed the more controversial CBDC issue to be separated from the GENIUS and CLARITY Acts, enabling the House to move both crypto-focused bills forward.
Overview of the Bills
GENIUS Act
- Establishes a regulatory framework for stablecoins
- Expected to receive a final House vote on Thursday
- President Trump has indicated he may sign it into law before the weekend
CLARITY Act
- Focuses on market structure and regulatory clarity for digital assets
- Final vote anticipated next week, although Speaker Mike Johnson suggested it could occur as early as Friday
Anti-CBDC Surveillance Act
- Prohibits the Federal Reserve from issuing or piloting a retail CBDC
- Now incorporated into the NDAA, increasing its chances of passage
Internal Divisions and Political Positioning
Representative Marjorie Taylor Greene was the only Republican to vote with Democrats against the procedural rule, standing out in what was otherwise a party-line vote.
Representative Keith Self also voiced strong concerns, warning that the GENIUS Act could still enable a Federal Reserve CBDC despite language explicitly limiting such powers.
A letter circulated among House Democrats urged opposition to the package, questioning whether Republicans could properly implement the new policies and warning of legislative overreach.
What Comes Next
- The House is expected to vote on the GENIUS Act on Thursday. If it passes, it will proceed directly to President Trump’s desk for signature.
- The CLARITY Act could be voted on next week, though timing remains flexible.
- The NDAA, now containing the CBDC ban, will follow its usual path through Congress and is expected to pass later this session.
Conclusion
This week’s developments mark a significant moment in U.S. crypto policy. With stablecoin regulation, digital asset market structure, and CBDC limitations now moving through Congress, lawmakers are positioning the United States for a new era of financial innovation—while drawing firm boundaries around central bank authority.
@ Newshounds News™
Source: CoinCentral
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Citi and JP Morgan Confirm Strategic Shift Toward Stablecoins and Tokenized Deposits
The Q2 2025 earnings calls for Citi and JP Morgan offered a revealing look into how two of the world’s largest financial institutions are positioning themselves within the evolving digital asset ecosystem—particularly in the areas of stablecoins and tokenized deposits.
While both banks expressed different tones on the future of these technologies, each confirmed a growing commitment to active participation, driven in part by regulatory clarity and competitive pressure from fintechs.
JP Morgan: Expanding Its Digital Footprint Despite Skepticism
During the call, JP Morgan CEO Jamie Dimon acknowledged growing customer demand and said the bank would remain “a player” in stablecoins and tokenized banking—even as he voiced skepticism about their necessity.
“We’re going to be involved in both JPMorgan deposit coin and stablecoins — to understand it, to be good at it,” said Dimon. “I think they’re real, but I don’t know why you’d want a stablecoin as opposed to just payment.”
Still, the bank is moving ahead with its plans:
- JPMD, its deposit token pilot on a public blockchain, is currently being tested with both direct clients and the clients of affiliated financial institutions.
- Kinexys Digital Payments (formerly JPM Coin/Onyx), JP Morgan’s permissioned blockchain-based platform, continues to process over $2 billion in daily transactions across global branches.
Dimon also hinted at the possibility of a joint bank-issued stablecoin, similar in spirit to Zelle, though he declined to confirm specifics.
“That’s a great question, and we’ll leave it remaining as a question,” he quipped, acknowledging the broader fintech pressure. “The way to be cognizant is to be involved.”
Citi: Emphasizing Tokenized Deposits and Custody Solutions
Citi CEO Jane Fraser offered a more structured and optimistic view, laying out four areas of focus as the bank deepens its digital asset capabilities:
- Reserve management for stablecoins
- On/off-ramping between fiat and digital coins
- Exploring issuance of a Citi-branded stablecoin
- Tokenized deposit infrastructure and crypto custody
Fraser confirmed that Citi Token Services, launched last year, is now live in four jurisdictions and has already processed billions in transactions. She described tokenized deposits as a core strategic pillar for the bank’s future positioning in digital finance.
“This is a good opportunity for us,” Fraser concluded, noting the potential for custodial services and new issuance models.
Legislative Catalyst: GENIUS Act Nearing Final Passage
A major driver behind the renewed interest from U.S. banks is the pending federal legislation on stablecoins. The GENIUS Act, which recently passed the Senate, is expected to be voted on in the House this week. The Act would create a legal framework for the issuance, regulation, and integration of stablecoins, giving banks and fintechs a clear path forward.
With regulatory uncertainty beginning to lift, both Citi and JP Morgan are racing to develop internal infrastructure, offerings, and services that will allow them to capitalize on the shift toward tokenized finance and on-chain banking.
@ Newshounds News™
Source: Ledger Insights
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