A trio of cryptocurrency bills that had been expected to pass the House this week stalled Tuesday after a bloc of Republicans unexpectedly joined with Democrats to prevent the legislation from coming up for debate and votes. The procedural snafu brought the House's "Crypto Week" to a standstill and dealt a blow to President Trump, who'd strongly urged Republicans to pass the bills as part of his push to make the US the "crypto capital of the world," per the AP.
A group of 13 Republicans joined all Democrats in opposition to a procedural vote needed to bring the crypto bills to the floor. Speaker Mike Johnson told reporters it was just part of the "legislative process" and that negotiations were underway between the House, Senate, and White House, suggesting they could try again Tuesday evening. But just hours later, House leadership canceled votes for the remainder of the day, potentially throwing the crypto bills into limbo. Trump intervened during a late evening meeting with Republicans at the White House and appeared to put the bills back on track, posting on social media that he expected votes as soon as Wednesday.
The stalled legislation includes a Senate-passed bill to regulate a form of cryptocurrency known as stablecoins, along with far more sweeping measures aiming to address cryptocurrency market structure. Another bill would prohibit the Federal Reserve from issuing a central bank digital currency. The disagreement blocking the bills from advancing centers on how the three bills would be passed, with Johnson explaining that "some of these guys insist that it needs to be all in one package." Packaging the bills would require them to be sent back to the Senate, since the chamber has only taken up one of the three bills so far. More here.
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