Crypto Bills Blocked by Republicans Despite Trump Endorsement

In a surprising turn of events, the discussion of two crypto bills in the House of Representatives was unexpectedly blocked, with 13 Republican members voting against bringing them to the floor. This development comes just hours after Donald Trump praised the GENUS bill, stating that "The Joyful Crypto Week Begins." The rejection by Republicans, so soon after Trump’s endorsement, appeared to be a clear act of defiance.

The Republicans who voted against the bills include Rep Andy Biggs, Tim Burchett, Michael Cloud, Andrew Clyde, Eli Crane, Marjorie Taylor Greene, Andy Harris, Anna Paulina Luna, Scott Perry, Chip Roy, Keith Self, Victoria Spartz, and Steve Scalise. Their actions have sparked controversy within the party, as Trump has been a vocal advocate for stricter regulations on cryptocurrencies and has previously expressed his displeasure with those who do not align with his views.

Crypto expert Eleanor Terrett commented on the matter, stating that the procedural vote on cryptocurrency bills failed due to the ‘no’ votes from some members of the Republican Freedom Caucus. Their concerns mainly arise from Central Bank Digital Currencies (CBDCs) and the bills not being presented as a package. This move has left the crypto industry in a state of uncertainty, as the bills aimed to provide clearer guidelines for the regulation of cryptocurrencies.

Sources indicate that the party leadership is working on a new agreement to retry the vote. However, the future of crypto regulation in the United States remains uncertain. The industry will continue to face challenges as it navigates the complex landscape of government oversight, with the potential for further delays and setbacks.

Crypto analysts are not expecting an altcoin bull market similar to those in 2018 and 2021. While some altcoins might witness impressive gains, the sheer volume of cryptocurrencies dilutes potential profits, as increased competition balances earnings. Currently, Bitcoin has weakened following the opening of the US market, slightly shaking altcoins due to ongoing losses.

XRP Coin, continuing to find buyers above $2.84, might test $3, and if it closes above this, it could exceed $3.4, reaching a new all-time high. This demand surge is linked to Ripple’s recent major announcements and the conclusion of a long-standing lawsuit. PENGU, a new altcoin without set limits, has made a strategic move with its recent Coinbase listing. Its combination of NFT and meme characteristics makes PENGU one of the most profitable options currently, with a 140% gain in six days. If it achieves closings above $0.02776, it could surpass the $0.0369 and aim for $0.04672 resistance, potentially embarking on a new all-time high journey.