Rep. French Hill said Wednesday that he believes the House of Representatives has enough votes to pass three major crypto bills, including the stablecoin-focused GENIUS Act.
Hill made the comments during an interview with CNBC, where he also mentioned other bills covering crypto market rules and central bank digital currency limits.
“I believe that we do have the votes to advance the Senate GENIUS Act,” Hill said. He also added that there is “strong bipartisan support” for a market structure bill developed through the House Agriculture and Financial Services Committees.
The GENIUS Act would set rules for stablecoins, including requiring full backing by U.S. dollars or other liquid assets. It would also require annual audits for issuers with market caps over $50 billion and create guidelines for foreign stablecoin providers.
Just a day earlier, former President Donald Trump said there was enough support to pass the GENIUS Act, even though the bill had not yet moved forward to a final vote.
Hill also spoke about a bill introduced by Rep. Tom Emmer of Minnesota. That proposal would block the Federal Reserve from issuing a central bank digital currency (CBDC) unless Congress gives specific approval.
“Whip Tom Emmer of Minnesota has his bill that blocks the federal government from creating a central bank digital currency through the Fed unless it’s done with the specific authorization through Congress,” Hill said.
Congress is currently in what’s being called “Crypto Week,” with lawmakers reviewing and potentially voting on the GENIUS Act, the Digital Asset Market Clarity Act, and the market structure bill.
The Clarity Act aims to spell out how the SEC and CFTC would share responsibilities in regulating digital assets. It also includes rules that require crypto firms to share retail financial information and keep company and customer funds separate.
Despite Hill’s optimism, all three bills failed to pass a key procedural vote in the House earlier in the week. The vote count was 196 in favor and 223 against.
Thirteen Republicans joined Democrats to block the bills, surprising many in the crypto world. Hill said House leaders are now figuring out how to bring the bills back for another vote.
