WASHINGTON, D.C. – This week, U.S. Rep. Mike Carey (R-Ohio-15), a member of the House Ways and Means Committee, voted to pass three pro-cryptocurrency bills through the U.S. House of Representatives, including the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, Digital Asset Market Clarity (CLARITY) Act, and the Anti-CBDC Surveillance State Act. Rep. Carey also promoted pro-crypto policies at a Ways and Means Subcommittee hearing.
“Every year, more Americans are adding digital assets to their portfolios and more businesses are preparing to innovate with cryptocurrency. Seeing the growth and demand for crypto integration into our financial system is what led me to lead the first-ever cryptocurrency legislation through Congress and why we needed to pass these bills,” Rep. Carey said. “If signed into law, these bills will open the door for a new era of innovation and productivity with digital assets, all while enhancing privacy features for American citizens. I was proud to vote for these bills and cement America as the crypto capital of the world.”
On Wednesday, Rep. Carey highlighted his leadership in the cryptocurrency space during a Ways and Means Subcommittee on Oversight hearing focused on crypto’s future in America. Read more about that hearing here.
On Thursday, Rep. Carey voted to pass the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act through the House of Representatives. These three pieces of legislation provide guidelines for stablecoin integration into the U.S. economy, create a market structure for digital asset use, and prevent the U.S. from issuing its own CBDC, respectively.
BACKGROUND:
Earlier this year, Rep. Carey led the passage of the first-ever cryptocurrency legislation to be signed into law. The bills passed this week will provide more legitimacy for digital assets in the marketplace, lower barriers to entry, foster more use of cryptocurrency, protect user privacy, and help deliver on President Trump’s promise to make America the crypto capital of the world.
Rep. Carey’s previous cryptocurrency legislation that was signed into law in April by President Trump was the first of its kind in American history. His legislation, a Congressional Review Act of Disapproval (CRA), repealed the Biden administration’s IRS DeFi Broker rule.
This rule, had it gone into effect, would have hampered the IRS and cryptocurrency owners alike with extensive, redundant, and duplicate forms that would otherwise be impossible to fill out. By repealing this rule, buying, holding, and selling digital assets will be easier for everyday Americans and make America the crypto capital of the world.
Background on the GENIUS Act can be found here.
Background on the CLARITY Act can be found here.
Background on the Anti-CBDC Surveillance State Act can be found here.
# # #