Today's News: US House Passes Landmark Cryptocurrency Legislation

These votes mark a major legislative victory for the crypto industry, which has actively lobbied for clearer regulations. The passage followed a brief but impactful revolt by conservative Republicans.

Photo: Jabin Botsford/The Washington Post

Overview

• Date: July 17, 2025

• Topic: US House Passes Landmark Cryptocurrency Legislation

• Summary: The U.S. House of Representatives passed three significant cryptocurrency bills, including the GENIUS Act for stablecoin regulation, the CLARITY Act to shift crypto oversight from the Securities and Exchange Commission to the Commodity Futures Trading Commission, and the Anti-CBDC Surveillance State Act to ban a central bank digital currency. These votes mark a major legislative victory for the crypto industry, which has actively lobbied for clearer regulations. The passage followed a brief but impactful revolt by conservative Republicans, who initially stalled the process, demanding assurances for the CBDC ban, ultimately resolved by an agreement to attach it to the annual defense policy bill. President Donald Trump, a vocal crypto supporter, is expected to sign the stablecoin bill into law.

Sources

• The New York Times - Crypto Industry Reaches Milestone With Passage of First Major Bill

• CNN - House sends first-of-its-kind cryptocurrency legislation to Trump’s desk after conservative revolt briefly delayed it

• The Washington Post - House passes first major regulation for crypto industry

• The Wall Street Journal - House Passes Crypto Bills After Trump Rallies Republicans

• Fox Business - Conservative crypto rebellion breaks after longest House vote in US history

Key Points

• All articles confirm the passage of three key cryptocurrency bills by the U.S. House of Representatives: the GENIUS Act (regulating stablecoins), the CLARITY Act (establishing new market regulations and shifting regulatory power from the Securities and Exchange Commission to the Commodity Futures Trading Commission), and the Anti-CBDC Surveillance State Act (banning a central bank digital currency).

• The GENIUS Act, which passed with bipartisan support (308-122), is poised to become the first major federal crypto legislation signed into law by President Donald Trump.

• The legislative process was temporarily stalled by a revolt from a group of conservative House Republicans, primarily over concerns about the central bank digital currency ban not being guaranteed. This delay led to intense negotiations and President Trump’s intervention.

• The conservative revolt was resolved by an agreement to attach the Anti-CBDC Surveillance State Act to the must-pass annual defense policy bill (National Defense Authorization Act).

• The crypto industry has significantly increased its lobbying efforts and political spending, notably through super PACs, to influence legislative outcomes and secure a more favorable regulatory environment under the Trump administration.

• The shift in regulatory approach marks a reversal from the Biden administration’s era, during which the Securities and Exchange Commission pursued aggressive enforcement actions and lawsuits against major crypto firms.

• Many Democrats expressed strong opposition, arguing the legislation would create lax regulations beneficial to wealthy players, including President Trump’s family, and could lead to consumer harm or future financial crises.

Unique Highlights

• The New York Times uniquely details the specific amount of money spent by crypto firms on super PACs ($130 million) backing pro-crypto candidates in the 2024 election. It also provides specific quotes from legal experts Hilary Allen and Amanda Fischer, who criticize the CLARITY Act for potentially eviscerating existing securities laws and retroactively blessing past misconduct. The article also notes that 12 Republicans opposed the stablecoin bill.

• CNN highlights the specific vote count for the GENIUS Act (308-122) and details the record-breaking duration of the procedural vote that broke the conservative revolt, lasting 9 hours and 40 minutes. It also specifically names Senator Elizabeth Warren as a key Democratic critic regarding insufficient safeguards.

• The Washington Post provides extensive financial details regarding President Trump’s crypto ventures, reporting he earned $57.3 million through his stake in World Liberty Financial (which issues the USD1 stablecoin) and that Trump-affiliated businesses received at least $312 million from crypto sales and $43 million in fees. It also mentions Vice President JD Vance’s crypto investments and includes a quote from White House spokeswoman Anna Kelly defending Trump’s crypto holdings against conflict of interest claims.

• The Wall Street Journal mentions that Bitcoin prices surged to all-time highs above $120,000 on Monday, indicating market reaction to the more lenient regulatory environment. It also uniquely reports that Coinbase Global and Circle are co-hosting a party to mark the legislative wins and that the administration has invited some industry executives to the White House on Friday for the stablecoin bill signing.

• Fox Business provides specific insight into the House GOP’s internal rules, stating that leaders can only lose three votes to pass anything along party lines. It names specific representatives involved in the conservative rebellion, such as Rep. Ralph Norman and Rep. Andy Harris, and includes direct quotes from Rep. Harris and House Majority Whip Tom Emmer confirming the deal to attach the Anti-CBDC bill to the NDAA. The article also discusses the broader implications of the delay on the House’s legislative calendar and appropriations bills.

Contrasting Details

• There are no direct factual discrepancies or conflicting information between the articles. The differences lie more in their emphasis, detailed reporting, and the specific angles they choose to highlight.

• While all articles acknowledge the Democratic opposition and concerns about President Trump’s crypto ties, The Washington Post provides the most in-depth financial figures and specific accusations regarding Trump’s potential conflicts of interest, citing Rep. Maxine Waters and a White House spokeswoman’s rebuttal.

• The New York Times and The Washington Post present a more critical view of the CLARITY Act, citing opponents who believe it would weaken consumer protections and benefit wealthy crypto players, whereas The Wall Street Journal and Fox Business frame the legislation more neutrally as providing “regulatory clarity” for the industry.

• The procedural details of the conservative revolt are consistently reported across all sources, but Fox Business offers the most granular detail on the duration of the vote and the specific internal Republican negotiations that led to the resolution.

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