Though the House of Representatives may soon be able to consider the three bills, President Donald Trump didn’t get all Republicans to fall in line to support the legislation.
The US House of Representatives has cleared the way for three Republican-led crypto bills to be considered in the chamber after a failed vote on Tuesday.
In a Wednesday floor vote in the House, lawmakers voted 215-211 in favor of a resolution to reconsider a package with bills to regulate payment stablecoins, establish crypto market structure and restrict the development of a US central bank digital currency (CBDC).
The passage could lead to amendments to the bills and votes on the legislation itself soon as part of Republicans’ plans to pass them before Congress breaks for an August recess.
Despite political pressure from US President Donald Trump, five Republicans did not vote in favor of reconsidering the resolution. Thirteen House Republicans caused the vote to fail on Tuesday, several of whom expressed concerns about the lack of CBDC provisions in the stablecoin bill, the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act.
Many House Democrats continue to push against all three bills without specific amendments to address what they say are Trump’s conflicts of interest. Republicans hold a slim majority in the chamber, but could need some Democratic support to pass the legislation — the GENIUS Act initially failed a cloture vote in the Senate due to Democratic opposition, though it later passed.
This is a developing story, and further information will be added as it becomes available.
