Trump-backed crypto bills fail in Congress vote

In Short:
– Cryptocurrency regulation bills supported by Donald Trump failed in the House, with 196 votes for and 223 against.
– Crypto stocks fell post-vote; Rep. Greene opposed bills lacking a ban on central bank digital currencies.

Cryptocurrency regulation bills supported by Donald Trump failed to clear a key procedural hurdle in the House of Representatives, significantly impacting the crypto industry. The bills require the House to approve rules of debate to move forward; however, the vote concluded with 196 in favour and 223 against.

Thirteen Republicans joined Democrats to block the legislation’s advancement.Uncertainty surrounds the next steps for the bills, particularly after House Republican leadership opted not to hold another vote the same day. The defeat occurred during “Crypto Week,” an unusual moment of rebellion against Trump’s directives by House Republicans.

Crypto decline

After the vote, shares of crypto-related companies declined, with Circle down over 7% and Coinbase dropping more than 4%. One of the stalled bills is the GENIUS Act, aiming to regulate stablecoins. Another proposal, the CLARITY Act, seeks to determine whether assets are treated as securities or commodities.

Rep. Marjorie Taylor Greene opposed the measure, stating it lacked a ban on central bank digital currencies, aligning with Trump’s earlier calls for such a provision.