Bitcoin News Today: Crypto Bills Reconsidered by US Lawmakers After Initial Setback Cantor Fitzgerald Plans $3.5 Billion Bitcoin Purchase from Blockstream

In the latest developments in the cryptocurrency world, US lawmakers are poised to revisit a series of crypto bills following an initial setback for Republicans during what was dubbed "crypto week" in Congress. This move comes after the House of Representatives cleared the way for three Republican-led crypto bills to be reconsidered, despite an earlier failed vote.

On Wednesday, lawmakers voted 215-211 in favor of a resolution to reconsider a package that includes bills aimed at regulating payment stablecoins, establishing a crypto market structure, and restricting the development of a US central bank digital currency (CBDC). This vote paves the way for potential amendments and further votes on the legislation, as Republicans aim to pass these bills before the August recess.

Despite the motion to reconsider passing, the House had not yet agreed to the resolution at the time of publication. Lawmakers were reportedly debating how to proceed, with the vote remaining open. Notably, five Republicans did not vote in favor of reconsidering the resolution, and thirteen House Republicans caused the initial vote to fail on Tuesday. Several of these Republicans expressed concerns about the lack of CBDC provisions in the stablecoin bill, known as the GENIUS Act.

In other news, financial services firm Cantor Fitzgerald is reportedly nearing a $3.5 billion Bitcoin purchase from Blockstream. This deal would involve Blockstream contributing up to 30,000 Bitcoin, currently valued at $3.5 billion, in exchange for shares in Cantor Equity Partners 1, a special purpose acquisition company (SPAC) that would be renamed BSTR Holdings. The deal also includes plans to raise up to $800 million in additional outside capital for further Bitcoin purchases. This follows a previous $3.6 billion crypto deal Cantor Fitzgerald made with SoftBank and Tether in April to create a Bitcoin acquisition company.

Cantor Fitzgerald is run by Brandon Lutnick, the son of US Commerce Secretary Howard Lutnick. Blockstream's founder, Adam Back, is known for his 1997 Hashcash cryptographic work, which was cited by Bitcoin's pseudonymous creator, Satoshi Nakamoto, and became foundational to Bitcoin’s proof-of-work consensus.

In summary, the cryptocurrency landscape is seeing significant legislative movements in the US, with lawmakers set to reconsider key crypto bills. Additionally, major financial deals are in the works, with Cantor Fitzgerald planning a substantial Bitcoin purchase from Blockstream. These developments highlight the growing importance of cryptocurrency in both regulatory and financial sectors.