After an initial stumble in the House of Representatives, the United States legislature is gearing up once again to consider three crucial crypto-related bills. On Tuesday, a vote failed at the House, leading to an ensuing Wednesday noise that saw the proposal passed by a thin margin of 215-211.
The three bills, led by Republican lawmakers, are designed to establish laws governing stablecoins, establish a structure for the crypto market, and lay down rules restricting the development of a US central bank digital currency (CBDC). The successful passage of these bills would bring an amendment to existing laws, ultimately shaping the future of cryptocurrency in the US.
However, despite the clearance to reconsider these legislations, the House is yet to agree fully on resolutions, leading to a stalemate. Experts believe that the House members are deliberating on the best pathway to navigate these bills.
In a surprising turn of events, five Republicans voted against the reconsideration of the resolution, diverging from the expectation that President Trump had unified the Republicans’ support. The initial failed vote was reportedly due to the apprehension from thirteen House Republicans who expressed dissatisfaction over the absence of CBDC provisions in the stablecoin bill— the Guiding and Establishing National Innovation for US Stablecoins, often abbreviated as the GENIUS Act.
Democratic opposition also continues to mount as they demand specific amendments to attend to the conflicts of interest they perceive in Trump’s decisions. For these bills to become law, the Republicans might need support from the Democrats, whose lack of support initially led to the failure of the GENIUS Act’s cloture vote in the Senate.
At the time of writing, the final vote on the bills’ package resolution drags on, and there seems to be a visible line drawn by lawmakers regarding the handling of CBDCs. The vote, which has been delayed for several hours, indicates that the passage of the three crypto bills might be further delayed.