This week, a vote in the US Congress on important cryptocurrency bills was postponed due to a procedural vote failure.
Outcome of the Cryptocurrency Bills Vote
In today's vote, a proposal that could have opened discussions on three crucial cryptocurrency bills was rejected by a vote of 223 to 196. According to parliamentary sources, a retry is scheduled for midnight the same day.
Content of the GENIUS and Clarity Bills
During what has been dubbed 'Crypto Week,' two major bills were on the House agenda: the National Innovation Guidelines and Establishment for U.S. Stablecoins Act (GENIUS) and the Digital Asset Market Openness Act (Clarity). The GENIUS bill has already passed the Senate and is expected to reach the President's desk by the end of the week.
Political Nuances and Future of Crypto Legislation
The GENIUS law stipulates that stablecoin issuances must be fully collateralized only by US dollars or similar liquid assets and requires annual audits for issuers with a market capitalization over $50 billion. The Clarity Act, in turn, aims to clarify the regulatory framework for crypto assets by offering a more comprehensive approach. A vote was also expected in the House this week on a bill spearheaded by House Republican Deputy Chairman Tom Emmer, which aims to block the direct issuance of Central Bank Digital Currency (CBDC) to individuals. However, the procedural vote failed after 12 Republicans, including Marjorie Taylor Greene, Chip Roy, and others, voted 'no.' House Speaker Mike Johnson stated that some opposition lawmakers had demanded that all crypto bills be merged into a single text.
The failure of the vote on cryptocurrency bills highlights existing political disagreements and uncertainties surrounding the regulation of digital assets in the US.
