- The U.S. House of Representatives advanced several key crypto bills after a narrow vote on Wednesday.
- Circle (CRCL) stock surged nearly 22%, with other crypto stocks like Coinbase (COIN) also climbing.
- The proposed legislation would regulate stablecoins, set crypto market rules, and limit the development of a U.S. central bank digital currency (CBDC).
- Banks have raised concerns about the bills, while some major banks are preparing to launch their own stablecoins.
- Final passage of the measures still depends on further House debate and bipartisan support.
On Wednesday, the U.S. House of Representatives made progress toward regulating digital assets by advancing a package of Republican-led cryptocurrency bills. Lawmakers voted 215-211 to reconsider measures that would regulate payment stablecoins, define the market structure for cryptocurrencies, and restrict the creation of a U.S. central bank digital currency.
The decision led to a sharp rise in crypto-related stocks. Shares of Circle (CRCL), the issuer of stablecoin USDC, increased by nearly 22%. Coinbase (COIN) shares also traded higher. This rebound follows declines the previous day, when the legislation failed to move forward. On Tuesday, Circle stock fell by almost 10 points, and Coinbase lost close to 6 points.
The legislative package under debate includes the Genius Act, Clarity, and Anti-CBDC Act. These bills aim to establish legal guidelines for digital tokens pegged to the value of the U.S. dollar or similar currencies, turning stablecoins into a more common payment method. The Guiding and Establishing National Innovation For US Stablecoins for 2025 Act, in particular, focuses on wider use of stablecoins within government transactions.
Not all industry participants support the proposed legislation. Smaller banks have warned that the new rules could reduce their deposits and limit access to credit. In contrast, large banks like JPMorgan and Bank of America are considering the issuance of their own stablecoins, which would allow them to earn interest on reserves. Several top banks are monitoring the legislative process and preparing to introduce their own digital assets, as reported in the article here.
The bills are promoted mostly by House Republicans, who currently hold a slim majority. Final approval will require some votes from Democrats. The future of the legislation remains uncertain, though it is expected that U.S. President Donald Trump would sign the bill if it reaches his desk.
As the House considers these measures, the cryptocurrency market has seen Bitcoin approach $120,000 and Ethereum climb above $3,300. Crypto-related stocks continue to fluctuate in response to movement on the bills, which have yet to receive floor approval during the White House’s Crypto Week.
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