Three US Crypto Bills Advance After Initial Setback
The US House of Representatives has moved forward with three Republican-led bills aimed at regulating cryptocurrencies. These proposals focus on payment stablecoins, establishing a clear crypto market structure, and limiting the development of a US central bank digital currency (CBDC). The procedural vote passed 215-211, clearing the way for further debate.
Political Hurdles Remain
Despite this progress, the bills face significant challenges. Former President Donald Trump failed to secure full Republican backing, with five members opposing the measure. Thirteen Republicans had blocked the vote a day earlier, citing concerns about the GENIUS Act‘s lack of CBDC provisions. Democrats continue to oppose the legislation without amendments addressing potential conflicts.
What Comes Next
Lawmakers may now propose amendments before final votes. Republicans hope to pass the bills before Congress‘s August recess, but their slim majority means some Democratic support may be needed. The GENIUS Act previously failed in the Senate due to Democratic opposition, highlighting ongoing partisan divisions. Further developments will determine the fate of these crypto-related bills.
