House Passes Landmark Crypto Bills: Stablecoins, Anti-CBDC, and Blockchain Oversight Take Center Stage

Record-Long Vote Clears GENIUS, CLARITY, and Anti-CBDC Acts With Bipartisan Backing

A sweeping legislative package reshaping the future of crypto regulation in the United States cleared the House of Representatives on July 17, 2025, following a dramatic 273–140 vote. Titled the Financial Innovation and Technology for the 21st Century Act (FIT21), the resolution bundles three major crypto bills: the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance State Act. The vote followed a historic 10-hour procedural standoff on July 16—now the longest in House history—triggered by internal GOP resistance and ultimately resolved after former President Donald Trump reportedly called Speaker Mike Johnson to push holdouts across the line by reaffirming the Anti-CBDC bill’s inclusion.

The GENIUS Act seeks to establish a dual federal-state regulatory framework for stablecoin issuers, mandating 1:1 backing in U.S. dollars or low-risk assets like Treasury bills. It offers two licensing tracks—state frameworks for regionally operating issuers and Federal Reserve approval for nationwide issuers—while controversially giving the Fed oversight over state-chartered firms operating across state lines. Nonbank issuers are allowed under the act but must comply with strict operational and reserve standards. 

The bill also exempts tokenized money market funds from being categorized as securities, a move designed to accelerate tokenized finance within traditional institutions. SEC Chair Gary Gensler hailed the legislation as “historic,” citing its clarity on regulatory jurisdiction and consumer protection, while House Financial Services Chair Patrick McHenry described it as a foundation for “clarity, innovation, and competitiveness.”

The CLARITY Act, also passed as part of FIT21, introduces mandatory transparency requirements for federal agencies utilizing crypto or blockchain. It compels agencies to disclose blockchain-related activities to prevent unmonitored adoption or experimentation with decentralized technologies. The bill received strong bipartisan support, with lawmakers emphasizing the need for legislative oversight to keep federal blockchain efforts accountable and aligned with strategic goals.

The most contentious piece of the package—the Anti-CBDC Surveillance State Act—explicitly bans the Federal Reserve from issuing a retail central bank digital currency. It prohibits the Fed from offering digital accounts to individuals, addressing Republican fears that such a system could allow the government to track personal financial behavior or edge out private banking. Language in the bill blocks any form of programmable digital dollar capable of monitoring individual transactions. 

Representative Tom Emmer, who led the effort, warned that “a retail CBDC is a surveillance tool” and insisted the legislation was vital to ensure money cannot be “weaponized” by the government. The Anti-CBDC bill played a pivotal role in resolving the July 16 vote impasse, with eight conservative Republicans flipping their positions after securing its inclusion in the must-pass National Defense Authorization Act—significantly increasing its chances of Senate consideration.

The FIT21 package now heads to the Senate, where uncertainty looms. While crypto advocates view the House passage as a unified pro-crypto signal, Senate Banking Chair Sherrod Brown and other Democrats have expressed skepticism—particularly regarding federal preemption of state oversight. Still, industry observers and lobbyists see the GENIUS Act’s stablecoin framework and the tokenized finance carve-outs as opening the door to rapid institutional adoption, especially among banks and fintech firms aiming to issue digital dollar alternatives backed by safe assets. The evolving stance of regulators like Gensler further suggests growing alignment between traditional finance and blockchain-based infrastructure.

The crypto price index and broader coin market cap could feel long-term effects from this legislative momentum, especially as the GENIUS Act provides legal clarity for stablecoin-backed products. Market participants view this as a potential catalyst for inflows into tokenized asset vehicles. Meanwhile, the Anti-CBDC provision highlights a deepening partisan divide on digital currency governance, one likely to shape the crypto price narrative ahead of the next election cycle. As the crypto industry digests this week’s developments, the focus now shifts to the Senate, where legislative gridlock or compromise could significantly alter the trajectory of digital asset policy in the United States.

This article has been refined and enhanced by ChatGPT.