The U.S. House voted to move forward on key crypto bills after a failed attempt Tuesday, helped by Trump’s push to get Republicans on board.
The U.S. House of Representatives voted on Wednesday to move forward with three major cryptocurrency bills, just one day after a failed attempt and last-minute talks
Lawmakers voted 215-211 to reconsider a package of bills focused on stablecoins, crypto market rules, and a potential ban on a U.S. central bank digital currency, or CBDC. The vote opens the door for debate and possible final votes before Congress goes on its August recess.
Tuesday’s first vote failed when 13 Republicans sided with Democrats to block it. Some Republicans were upset that the stablecoin bill didn’t include strong CBDC restrictions. Trump met with holdouts before Wednesday’s revote.
The main bill, called the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), sets federal rules for dollar-backed stablecoins. These are digital tokens tied to the U.S. dollar, used for fast crypto trades and payments.
The bill requires full backing by dollars or top-tier assets and makes large stablecoin issuers publish yearly audits. Foreign stablecoins would also face new rules under U.S. law.
A second bill, the Clarity Act, aims to divide crypto regulation between the Securities and Exchange Commission and the Commodity Futures Trading Commission. It also forces crypto platforms to separate customer funds from company money and share key financial information.
Both bills are a big win for crypto supporters. Some lawmakers say the U.S. risks falling behind if it doesn’t act fast to regulate the industry. The GENIUS Act has already passed the Senate, while the Clarity Act still needs a vote there.
Trump’s involvement helped shift votes after GOP leaders were caught off guard by Tuesday’s defeat.
Five Republicans still voted no on Wednesday, but GOP leaders secured enough support to move ahead. Some Democrats oppose the bills, saying they don’t go far enough or could benefit Trump-linked interests.
A final vote on the GENIUS Act could happen as soon as Thursday evening. Debate on the Clarity Act may follow. With the August recess approaching, Republicans are pushing to finish quickly.
Also Read: Bulgaria missed $25B debt payoff by selling Bitcoin in 2018
