The US House of Representatives canceled a vote on cryptocurrency bills due to procedural issues and internal opposition, mainly from the Freedom Caucus.
Congressional Opposition and Market Impacts
The canceled vote resulted from significant opposition within the Republican Party, particularly from the Freedom Caucus. Members of this group opposed the bill, citing the lack of a ban on central bank digital currencies.
Requirements and Proposals of the Bills
The stablecoin legislation is expected to establish strict rules, including requirements for full dollar backing. Annual audits are also part of the legislation. Stable assets like USDT and USDC will be subject to this regulation.
Crypto Market Under Uncertainty
Market reactions to the canceled vote were initially volatile. Stablecoin issuers are preparing for long-term regulatory uncertainty. Large-cap cryptocurrencies are closely watching potential impacts.
This withdrawal raises financial and regulatory concerns, as market participants anticipate the bill's potential passage. Historical delays in US legislation indicate the possibility of short-term asset volatility.
