Following a week dubbed "Crypto Week" by Republicans, the U.S. House of Representatives has passed the Digital Asset Market Clarity (CLARITY) Act, a bill designed to establish a regulatory framework for cryptocurrencies in the United States. The House voted 294-134 to pass the CLARITY Act. Almost 80 Democrats joined Republicans in supporting the legislation.

The CLARITY Act is one of three crypto-related bills expected to be voted on in the House before Congress recesses in August. The bill clarifies how the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will regulate the digital asset market.

Earlier in the week, the House faced delays in moving forward with the crypto legislation due to concerns among some Republicans regarding central bank digital currencies (CBDCs). Some Republicans were holding out for a carve-out to ban the development of a CBDC in the U.S. On Wednesday, a vote to proceed with a package including the three bills stalled for hours. Ultimately, lawmakers voted 215-211 to move forward and vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

The GENIUS Act would create a regulatory framework for stablecoins. There are reports that President Trump plans to sign the GENIUS Act into law. The House also agreed to vote on a bill to block the Federal Reserve from issuing a central bank digital currency directly to individuals.

The passage of the CLARITY Act and the advancement of the GENIUS Act represent a significant development for the cryptocurrency industry, which has been advocating for federal legislation for years.