Following the struggle within the Republican Party, the U.S. House of Representatives passed a bill that includes comprehensive regulation of the cryptocurrency market. The digital asset market clarification was approved by a vote of 294-134, with 78 Democrats and all Republicans supporting the bill.
Lawmakers voted 308-122 for Stablecoin Bill, Genius. The genius, who has already passed the Senate, requires that Stabrecoin be fully supported by US dollars or similarly liquid assets, mandating annual audits of issuers with market capitalizations of over $50 billion, establishing guidelines for foreign issuance.
Additionally, the anti-CBDC bill was also voted on.
This development in the House of Representatives came at the end of a rigorous process known as “Crypto Week.” GOP Leadership hoped to easily pass three bills related to digital assets. However, on Tuesday, some hard-line Republicans blocked procedural votes and halted the bill. President Donald Trump then intervened and tried to mediate a deal with lawmakers.
Trump’s compromise included adding language to the Crypto Regulation Bill from the “National CBDC Surveillance Act.” However, the move failed to stop the rebellion and angered another faction within the party.
After hours of negotiations and the longest vote in House history, leadership agreed to add anti-CBDC provisions to the National Defense Recognition Act (NDAA). This strategic change has increased the chances of reaching Trump’s desk on the bill. Most Republican opponents then switched their vote to “yes,” and the voting process revived.
*This is not investment advice.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
