Crypto Week in the U.S. faced significant challenges when voting on three crucial legislative bills failed. However, President Trump's intervention helped stabilize the situation.
CBDC Concerns
On July 15, an attempt to advance three key crypto bills ended in failure as a group of conservative Republicans rebelled, citing concerns over central bank digital currencies (CBDCs). The vote on the bills, including the GENIUS Act and Anti-CBDC Surveillance State Act, concluded with a score of 196 against 223.
Deal Struck, Revote Set
President Trump had earlier urged Republicans to back the vote, emphasizing the importance of the GENIUS Act for U.S. crypto dominance. After the rebellion, he met with 11 of the 12 Congress members to discuss the necessity of passing the bills. Following this meeting, Trump announced that they agreed to vote for a revote.
Democrats' Stance
Despite overcoming immediate hurdles, Democrats remain opponents of the legislation, raising concerns about potential conflicts of interest related to cryptocurrencies and Trump. They also express worries regarding the future regulation of the crypto industry in the U.S.
While President Trump temporarily stabilized the situation surrounding crypto initiatives, there are several long-term political and technical challenges that will need to be addressed.
