The anticipated discussion on new cryptocurrency legislation has been unexpectedly postponed, raising speculation about former President Donald Trump's reaction.
Which Republicans Opposed the Bills?
Thirteen Republicans in the House of Representatives halted the bills' progress by voting against their discussion. Before the vote, Trump expressed approval of the GENUS bill, calling it the "Joyful Crypto Week." However, their refusal to proceed underscores divisions within the party.
Why Did the Market Experience Volatility?
Eleanor Terrett, a respected voice in the crypto space, commented:
> "The challenging vote was hindered by objections from the Republican Freedom Caucus. The main issues stem from concerns over CBDCs and the lack of a comprehensive bill package."
Amid the legislative standstill, the market contemplates its next steps as party leaders negotiate a new strategy.
Market Prospects for Cryptocurrencies
The market braces for potential shifts, with experts noting that the influx of altcoins dilutes chances for significant gains despite possible individual successes. For example, XRP is holding steady above $2.84, while Ripple announces legal victories that fuel growth. Additionally, PENGU's high-profile listing on Coinbase resulted in a 140% surge.
The delay in cryptocurrency legislation discussion raises growing tensions in political circles, and the market awaits new strategies and shifts, creating uncertainty for the future of digital assets.
