NEW: 🚨The American Bankers Association and other banking groups are urging Congress and the OCC to pause trust charter approvals for crypto firms like Fidelity and @Ripple, warning these could bypass key fiduciary standards and require greater public scrutiny.
So the Clarity Act was passed by the House (still needs Senate).
But if it passes, that will create a binding legal framework that contradicts the #SEC’s claims on secondary #XRP sales.
So who is in the wrong?
Judge Torres?
The House?
Or the #SEC?
🚨BREAKING (I rarely use that term anymore, but this time I think it’s warranted 😁): All *three* crypto bills just passed the House and the GENIUS Act is now headed to @realDonaldTrump’s desk to become the first major piece of crypto legislation signed into law.
Despite the last few days of drama and uncertainty, Democrats and Republicans really showed up, voting in a much more bipartisan fashion than almost anyone expected.
Let’s recap:
📌The CLARITY Act passed in a vote of 294-134 with 78 Democrats voting in favor — more than double the ~35 expected, and more than the 71 who voted to pass FIT21 last year.
📌The GENIUS Act passed in a vote of 308-122 with 102 Democrats voting in favor.
📌The Anti-CBDC Act passed in a vote of 219-210 with 2 Democrats voting in favor.
The signing ceremony for the GENIUS Act is set for tomorrow afternoon at the White House.
A fitting (and happy) end to Crypto Week.
The GENIUS Act, now passed by both chambers of Congress, is set to become the first federal law regulating stablecoins in the U.S. The biggest winners? #USDC, #RLUSD, #PYUSD, and any fully-backed, transparent stablecoins issued by licensed U.S. entities.
#DAI must up their game.
Excited to join X! I’m Paul Atkins, Chairman of @SECgov.
Looking forward to sharing how we’re working to strengthen our markets, support innovation, and protect investors every step of the way.
Hope you’ll follow along!