On Wednesday, the US Congress reached an agreement on three crypto bills following a record-breaking procedural vote, the longest in House history.
Voting Challenges and Negotiations
The lengthy voting was caused by opposition among Republicans demanding guarantees on a central bank digital currency (CBDC) ban in exchange for supporting the bills. Eventually, the procedural vote passed 217 to 212, with House Majority Leader Steve Scalise agreeing to attach the CBDC ban to the essential National Defense Authorization Act.
Contents of the Bills
The three crypto bills on the line include the CLARITY Act, addressing crypto market structure, the GENIUS Act, regulating stablecoins that President Trump wants passed before the weekend, and the Anti-CBDC Surveillance Act that seeks to prohibit the Federal Reserve from issuing CBDCs.
Upcoming Votes and Demands
Voting on the CLARITY and GENIUS bills is scheduled for Thursday. Lawmakers express frustration at having to continually accept Senate versions of bills. Some Republicans warn that the lack of a regulatory framework, like the CLARITY Act, could lead to another FTX-style industry collapse.
Amid current negotiations and upcoming votes, tensions among lawmakers could influence the further development of cryptocurrency legislation in the United States.
