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The U.S. House of Representatives has disagreements over the legislative details of the GENIUS Act.
On June 25, according to cryptoinamerica, Republican lawmakers and industry insiders are engaged in a fierce battle over the strategy for advancing key encryption legislation. The current issue is — “Should it be passed separately or bundled together?” The GEN bill, which was passed by the Senate last week, was handed over to the House of Representatives on Monday, but lawmakers are still debating whether to advance it as a standalone bill or to bundle it with the House’s Market Structure Bill and submit it to the Senate for revision. House Majority Whip Tom Emmer stated to Punchbowl News on Tuesday that the GEN bill is expected to pass in the House — “provided that it is advanced concurrently with the CLARITY bill (i.e., the House market structure legislation).” Majority Leader Steve Scalise emphasized to CNBC that combining the two bills “aligns with industry demands.” Currently, the “bundling faction,” represented by CEX and venture capital giant a16z, believes that bundling legislation is the only feasible way to achieve market structure reform this year. The “step-by-step faction,” led by the DeFi community, advocates for the quick passage of the GEN bill to achieve a phased victory.