A recent vote in the U.S. House of Representatives on crypto bills stretched over nine hours, highlighting internal conflicts among Republicans. This situation underscores the growing discord within party ranks.
Record Vote on Crypto Bills
On July 16, the U.S. House of Representatives recorded the longest vote in its modern history. A procedural step typically taking less than an hour was prolonged for over nine due to internal disagreements among Republicans. The vote was intended to initiate debate on three proposed crypto-related bills.
Days of Gridlock and a Brokered Deal
Most opposing lawmakers were members of the Freedom Caucus who believed the existing language in the stablecoin bill failed to clearly restrict the Federal Reserve from issuing a digital dollar. On the evening of July 15, President Trump met with several dissenting members proposing a compromise.
Three Pillars of U.S. Crypto Regulation
Each crypto-related bill addresses different parts of the digital asset space. The GENIUS Act focuses on stablecoins, while the Digital Asset Market CLARITY Act aims to resolve the debate over which agencies should regulate different types of crypto assets. The Anti-CBDC Surveillance State Act seeks to block the Federal Reserve from issuing a CBDC.
The vote on crypto-related bills marks a significant event, highlighting internal divisions within the Republican Party and the increasing importance of digital asset regulatory issues in American politics. Attention to these matters is likely to grow.
