Crypto Bills Advance After House Compromise

After nine hours of intense negotiations, the U.S. House of Representatives has given the green light to proceed with a crucial procedural vote on a key cryptocurrency bill. This development marks a significant legislative breakthrough for the digital asset industry. The agreement between the Republican hardliners and the leadership of the House of Representatives paved the way for three critical bills to advance to the procedural voting stage.

The stalemate, which had previously hindered the legislative process, was resolved following interventions by the leadership. After a late-night meeting with the leadership at the White House on Tuesday and a final round of negotiations with the House leadership on Wednesday, the previously opposing members rejoined the effort to push the bill forward. The Rules Committee of the House of Representatives convened a hearing on Wednesday afternoon, formally initiating the legislative process. The bill, which has already been approved by the Senate, will be submitted to the President for signature if it is approved by the House.

This week is being referred to as "Crypto Week" in the U.S. Congress, as three key cryptocurrency bills supported by the President are under review. Their passage would lay the groundwork for a regulatory framework for digital assets.

The Republican hardliners' compromise cleared the way for the legislation. On Wednesday, the stalemate within the Republican Party over cryptocurrency legislation persisted, and the crucial procedural vote was temporarily suspended. According to anonymous sources involved in the negotiations, the core of the stalemate was the hardliners' insistence on ensuring the passage of the CBDC bill, while committee members feared that attaching it to the CLARITY Act would result in the failure of both bills.

The leadership plans to vote on the bills separately before merging them as part of the compromise. As part of the compromise, the CBDC prohibition clause will be attached to another "must-pass" bill (the National Defense Authorization Act).

The three key cryptocurrency bills under review this week include the CLARITY Act, which focuses on market structure, and the GENIUS Act, all of which have the support of the President. These bills aim to establish a clear regulatory framework for the digital asset industry and are seen as a significant milestone in U.S. cryptocurrency policy. The CLARITY Act primarily addresses market structure issues, providing clear guidance for the trading and regulation of digital assets.

The advancement of the legislation represents a major victory for the digital asset industry, potentially ending the long-standing regulatory uncertainty. Investors and market participants are closely monitoring the subsequent Senate review process.