In the U.S. Congress, a vote on several cryptocurrency bills failed to pass. This event is significant for the industry during what has been called 'Crypto Week.'
Vote Results and Implications
The voting in Congress concluded with a 196-223 rejection, indicating that 13 Republicans voted alongside Democrats against the necessary rules to begin debate on the bills. Included in the package were laws like the GENIUS Act for stablecoin regulation, the CLARITY Act addressing broader market rules, and the Anti-CBDC Surveillance State Act.
Internal GOP Conflicts
GOP leadership had hoped to swiftly pass the bills following the Senate's recent approval of the GENIUS Act. However, members of the Freedom Caucus and other conservatives expressed dissatisfaction, demanding the bills be merged into one package. Representative Marjorie Taylor Greene pointed out that her reason for voting against was the lack of a ban on Central Bank Digital Currency (CBDC).
Future of Crypto Legislation in Congress
The House is expected to retry the vote after further internal negotiations. Senate committees are also moving toward consideration of a second major crypto framework bill. Senator Cynthia Lummis has stated that a draft of this bill could be released this week, indicating parallel efforts in the upper chamber.
The failure of the bills in Congress reflects current internal disagreements within the Republican ranks and creates uncertainty around the future regulation of cryptocurrencies in the U.S.
