House Advances Cryptocurrency Bills After Trump Intervention

The House of Representatives is poised to advance a series of cryptocurrency bills following a procedural vote, signifying a pivotal moment in the regulatory framework for digital assets. This development follows an initial setback when a group of Republican hard-liners stalled the measure, temporarily halting House proceedings. President Trump's intervention, through meetings with key Republican lawmakers, secured the necessary support for the procedural rule, enabling the House to proceed with the bills.

The legislative package includes the GENIUS Act, which seeks to establish a regulatory framework for dollar-backed digital tokens known as stablecoins. This bill is considered the most likely to become law, having already passed the Senate. Additionally, the House will review the Anti-CBDC Surveillance State Act, aimed at preventing the Federal Reserve from issuing a central bank digital currency. However, this measure faces significant challenges in the Senate. The Digital Asset Market Clarity Act, which proposes dividing oversight of the broader crypto market between two financial regulators, is also part of the package.

The procedural vote, which usually aligns with party lines, was disrupted by a group of Republicans who raised concerns about the absence of provisions blocking the creation of a central bank digital currency. President Trump, who has aligned himself with the crypto industry, advocated for the House to pass a "clean" stablecoin bill, thwarting efforts to amend the legislation or link it to other measures. The agreement reached with the hard-liners ensures that the House can move forward with considering these bills, restoring the chamber's progress after Tuesday’s disruption.

The advancement of these bills represents a potential major victory for the cryptocurrency industry, as it brings regulatory clarity and framework closer to reality. The outcome of these votes will significantly impact the future of digital assets in the United States, potentially setting a precedent for other regions. The House is expected to vote on the rules governing debate on these measures, with the aim of finalizing the legislation in the coming days.