Crypto bills stall in House as procedural vote fails
Quick Take On the House floor on Tuesday, lawmakers voted 196 to 223 against moving ahead with voting on three bills that were headed to votes this week. A House aide told The Block that they will try again later at 5 p.m. ET.
A procedural vote that would have cleared the way for lawmakers to pass monumental cryptocurrency legislation has failed.
On the House floor on Tuesday, lawmakers voted 196 to 223 against moving forward with voting on three bills that were scheduled for votes this week. A House aide told The Block that they will try again later at 5 p.m. ET. A person familiar with the matters also said something similar.
In what is being called " Crypto Week ," the House of Representatives was slated to consider the Guiding and Establishing National Innovation for U.S. Stablecoins ("GENIUS") Act, as well as the Digital Asset Market Clarity ("Clarity") Act.
GENIUS, which has already been passed in the Senate , would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with a market capitalization exceeding $50 billion, and establish guidelines for foreign issuance. That bill could be at Trump's desk before the end of the week.
Meanwhile, Clarity takes a whole-of-crypto approach and would create a clear regulatory framework for crypto in part through designating how the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission will regulate. The bill also requires digital asset firms to provide retail financial disclosures and segregate corporate and customer funds.
The House was also scheduled to consider a bill this week led by Majority Whip Tom Emmer, R-Minn., to block the Federal Reserve from issuing a central bank digital currency directly to individuals.
Twelve Republicans voted no, including Reps. Marjorie Taylor Greene, Chip Roy, Michael Cloud and Ann Paulina Luna, among others, according to reporting from The Hill . House Speaker Mike Johnson, R-La., said that critics wanted to have all of the crypto bills into one product.
Punchbowl News' Laura Weiss said in a post on X that Rep. Roy voted no over concerns about the lack of a "hard ban on CBDCs." Weiss also reported that Rep. Luna said no because "it would’ve allowed crypto bill to come to the floor with a 'back door' to a central bank digital currency," in a post on X.
Earlier in the day, Rep. Greene posted on X concerns over the GENIUS Act's treatment of CBDCs.
"The GENIUS Act does not follow President Trump’s executive order because it does not ban a CBDC. House Leadership did not allow any amendments banning a CBDC," she said in the post. "This should NOT be tolerated."
Cody Carbone, Digital Chamber CEO, pushed against that assertion in a post on X after the vote.
"The Anti CBDC Surveillance Act (which is also up for a vote) specifically does just this," Carbone said. "Come on now."
An X account belonging to the Democrats' House Financial Services Committee, which has previously called this week "Anti-Corruption Week," mocked their counterparts in a post .
"If you’re going to declare a 'crypto week' maybe make sure your entire caucus is on board first? Idk, just a thought," they said.
Updated at 7:10 p.m. UTC time on July 15 to include more details
Updated at 8:05 p.m. UTC time on July 15 to include Carbone's comments
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Has the return on Amazon's massive AI capital expenditure been underestimated by the market?
Amazon is trading at 29 times expected earnings, lower than Walmart’s 37 times, even though its revenue growth rate is three times that of Walmart. This inversion reflects deep market concerns over whether AI capital expenditures will deliver as anticipated. AWS CEO Matt Garman revealed that AWS’s annual revenue has reached $160–170 billion, with a growth rate of 37%. Enterprise cloud migration, AI-native startups, and intelligent agent workflows are simultaneously driving three growth curves.
TSMC’s $2 Billion Silicon Interposer Order Given to GlobalFoundries, Key CoWoS Components to be Produced in the U.S. for the First Time
This move marks the official extension of a key link in the AI packaging supply chain to the United States. Analysis indicates that the five-year long-term contract reflects TSMC's strong long-term outlook for silicon interposer demand. Meanwhile, Taiwanese companies UMC and PSMC are actively expanding capacity to compete for orders, but this major order has been secured by GlobalFoundries, meaning that American production capacity will become a new factor in the silicon interposer market landscape over the next five years.
Gasoline Prices Rise in Tandem with Election Poll Trends! Goldman Sachs: With 26 Days Left Until the Midterm Election, Probability of a Democratic Sweep Rises to 65%
Goldman Sachs states that the probability of a Democratic sweep has risen to 65%, but polls in red states have historically overestimated their advantage; the rise and fall of oil prices is the decisive variable.
Crypto prices
More
