U.S. House failed again to vote on key crypto bills, despite Trump’s promise
The post U.S. House failed again to vote on key crypto bills, despite Trump’s promise appeared on BitcoinEthereumNews.com. The House just blew another chance to move forward on crypto legislation. After a messy week of internal Republican fighting, zero votes happened on Wednesday on the three crypto bills that were supposed to be the main event of “crypto week.” Despite Trump promising on Tuesday that the votes would go through “very early” today, it’s now obvious that nothing is going according to his script. Things first fell apart Tuesday when conservative Republicans blocked their own party’s attempt to bring the bills to the floor. GOP leaders thought they had patched things up after Trump met privately with the holdouts that night. A new deal was struck the next morning, and for a moment, it looked like the chamber might finally make progress. But that temporary peace came with strings attached. Strings that are now strangling the entire effort. Bill merge deal triggers backlash from key lawmakers The compromise was simple in theory. Merge the CLARITY Act, which focuses on market structure, with a completely separate bill that would ban the launch of a central bank digital currency (CBDC). The idea was to appease the conservative wing by folding their demands into something bigger. But that’s exactly what triggered the next fight. Members of both the Financial Services and Agriculture Committees, who actually wrote the crypto bills, immediately pushed back. They warned that tying the CBDC ban to the CLARITY Act would sabotage both pieces of legislation. Two sources familiar with the private talks said the standoff hasn’t been resolved. The hard-liners are demanding guarantees that the CBDC ban will pass. Meanwhile, committee lawmakers are floating another option: attaching the provision to some other must-pass item like the defense bill or surveillance powers renewal. While that argument played out behind closed doors, the vote on the procedural rule to…
The post U.S. House failed again to vote on key crypto bills, despite Trump’s promise appeared on BitcoinEthereumNews.com.
The House just blew another chance to move forward on crypto legislation. After a messy week of internal Republican fighting, zero votes happened on Wednesday on the three crypto bills that were supposed to be the main event of “crypto week.” Despite Trump promising on Tuesday that the votes would go through “very early” today, it’s now obvious that nothing is going according to his script. Things first fell apart Tuesday when conservative Republicans blocked their own party’s attempt to bring the bills to the floor. GOP leaders thought they had patched things up after Trump met privately with the holdouts that night. A new deal was struck the next morning, and for a moment, it looked like the chamber might finally make progress. But that temporary peace came with strings attached. Strings that are now strangling the entire effort. Bill merge deal triggers backlash from key lawmakers The compromise was simple in theory. Merge the CLARITY Act, which focuses on market structure, with a completely separate bill that would ban the launch of a central bank digital currency (CBDC). The idea was to appease the conservative wing by folding their demands into something bigger. But that’s exactly what triggered the next fight. Members of both the Financial Services and Agriculture Committees, who actually wrote the crypto bills, immediately pushed back. They warned that tying the CBDC ban to the CLARITY Act would sabotage both pieces of legislation. Two sources familiar with the private talks said the standoff hasn’t been resolved. The hard-liners are demanding guarantees that the CBDC ban will pass. Meanwhile, committee lawmakers are floating another option: attaching the provision to some other must-pass item like the defense bill or surveillance powers renewal. While that argument played out behind closed doors, the vote on the procedural rule to…
What's Your Reaction?
