The U.S. House of Representatives may have a shorter legislative path to ban the Federal Reserve from banning central banks’ digital currency (CBDCs) using the Market Structure Bill passed in July.
At the House Rules Committee’s hearing Monday, the draft agenda was presented in July, albeit narrow margins, but in July it presented a proposal to add text from the anti-CBDC surveillance national law passed in the chamber in July to the Digital Asset Market Clarity Act.
The Symbolic Act adds the CBDC bill to the final version of the existing market structure bill sent to the Senate for consideration.
House Republicans considered a similar move before the floor vote on the Genius Act in July. This is a bill that regulates payment stability. Some lawmakers wanted to explicitly include the Stablecoin Bill, which was to explicitly include a CBDC ban prior to the vote on the floor. All three bills were ultimately passed with some bipartisan support.
It is unclear whether the attractive House bill, which combines market structure with a CBDC ban, will have any impact on the Senate proposed law.
Republicans on the Senate Banking Committee said that a version of the market structure was “constructed” into the Clarity Act, but in other names it is a Responsible Financial Innovation Act, a clear law.
Related: Key Republican senators expect democratic support for the US crypto market structure bill
Wyoming Sen. Cynthia Ramis is one of the leading supporters of the Market Structure Bill, and said the Banking Committee is expected to pass the law by the end of September, with President Donald Trump likely to sign the law by 2026.
Senate Democrats offer their own framework for market structure
Republicans maintain control of both the House and Senate, but their slim majority in both rooms may need Democrats’ support to pass laws that include the proposed market structure bill.
The parties’ proposals included ways to update regulatory requirements to provide regulatory clarity to the digital asset industry. But Democrats called for regulations to address what is called “undermining confidence” in the broader digital asset industry, in relation to Trump’s family’s crypto venture.
It was unclear whether the Republican intended to address his relationship with the industry through family mining ventures, American Bitcoin, World Liberty Financial and his personal memocoin in the bill. The bill is expected to head to committee votes within two weeks.
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