The US House has rejected a crypto bill that received support from Donald Trump. This decision may have significant implications for the market and regulation of stablecoins.
House’s Rejection of the Crypto Bill
The legislative package on cryptocurrencies was halted as 13 Republicans joined Democrats in opposing it, affecting its advancement while Speaker Mike Johnson noted the need for ongoing negotiations.
Trump’s Support and Its Consequences
Trump called for the US to lead the crypto industry and expected votes in support of the quick advancement of digital asset legislation.
Stringent Regulations for Stablecoins and Market Impact
The bill includes strict requirements for stablecoin issuers, who must comply with new backing and audit standards. This legislation, known as the GENIUS Act, could significantly change the market and regulation of cryptocurrencies.
The escalation of political disagreements among Republicans and dissatisfaction with regulatory proposals may impact the future of the crypto industry in the US.
