US Crypto Bill Hits Block as House Rejects Vote
The prospects for developing a legal framework for cryptocurrencies in the US Congress became bleaker on Tuesday, after the House failed to pass a key procedural vote that was expected to pave the way for a slew of digital asset-related bills.
-“Crypto Week” Hits a Hard Spot Early
This week was designated by House Republicans as “Crypto Week,” with the ambition of speeding up the passage of major bills such as GENIUS, CLARITY, and laws regulating stablecoins and central bank digital currencies (CBDCs).
However, the plan hit a snag when some conservative Republicans joined with Democrats to block the vote. The vote would have paved the way for consideration of three key crypto bills.
The main reason for the opposition comes from internal disputes over how to group and discuss the bills, raising concerns that efforts to legalize the cryptocurrency market may stall in the near future.
-House Speaker remains optimistic
Speaking after this failure, House Speaker Mike Johnson said that he continues to be committed to promoting cryptocurrency laws and will work again with lawmakers to reach consensus in the near future.
"We will continue to discuss and seek solutions. I hope a new vote will be held in the near future," Mr. Johnson said, emphasizing the importance of establishing a clear legal framework for the blockchain industry in the US.
🔎 The situation is still unpredictable
Although there has been no breakthrough, observers say that the fact that the bills are being debated is a positive sign, showing the growing interest from lawmakers in the digital currency market.
However, internal divisions, combined with the upcoming election season, could continue to slow down the progress of legislation. Investors and blockchain businesses will need to closely monitor further developments from the US Congress, especially in the final weeks of “Crypto Week”.
📌 Summary:
Three cryptocurrency bills have yet to be considered by the House of Representatives due to the rejection of the voting procedure.
Internal disputes and partisan divisions are the main reasons for the delay in progress.
Speaker of the House Mike Johnson still expects another vote in the near future.