Trump-backed cryptocurrency bills fail in House

Republicans opposed to the cryptocurrency bills highlighted structural issues in the legislation.

Cryptocurrency regulation bills backed by Trump fail in Congress

Several cryptocurrency regulation bills supported by President Donald Trump did not pass a crucial procedural vote Tuesday in the House of Representatives. The bills are stalled as the House needs to approve rules for debate, with the vote resulting in 196 in favor and 223 against. Thirteen Republicans joined Democrats to block the bills, marking a significant setback for the crypto industry. Republican leadership has not announced whether they will attempt another vote or revise the bills to appease dissenting party members. Following the failed vote, crypto-related stocks declined sharply.

This failure highlights a growing divide within the Republican Party regarding cryptocurrency regulation. Many Republicans who opposed the bills indicated that they had concerns about how the legislation was framed. The outcome reflects a rare moment where House Republicans challenged Trump's influence. As the industry continues to seek clarity in regulations, this impasse could slow the progress of necessary reforms, leaving many companies in uncertainty during this pivotal time in "Crypto Week."

Highlights

The future of cryptocurrency regulation hangs in the balance as party dynamics shift.