House Passes Crypto Bills After Nine-Hour Stalemate

House Republican leaders successfully brokered a deal to advance three cryptocurrency-related bills that had been stalled for an unprecedented nine hours during a procedural vote. The impasse was resolved late on Wednesday with a vote of 217-212 in favor, marking the longest vote in the House’s history. The stalemate was primarily due to a group of Republican hardliners who demanded a ban on central bank digital currencies (CBDCs) as a condition for their support.

House Majority Leader Steve Scalise announced that the CBDC ban would be added to the must-pass defense spending bill, the National Defense Authorization Act (NDAA), rather than being included in the crypto bills. This compromise allowed the House to move forward with the crypto legislation, which includes the CLARITY Act, the Anti-CBDC Surveillance Act, and the GENIUS Act. The GENIUS Act, in particular, is a priority for President Donald Trump, who has expressed a desire to sign it before the weekend.

The prolonged vote highlighted the deep divisions within the Republican Party, particularly over the issue of CBDCs. The stalemate underscored the challenges of navigating party divisions and the intricate interplay between defense funding and digital asset legislation. The eventual passage of the bills marked a significant step in the legislative process, paving the way for further debate and potential enactment of the measures.

The resolution of the stalemate demonstrated the resilience of the legislative process and the ability of lawmakers to find common ground despite their differences. The advancement of the crypto bills signals a potential shift in the regulatory landscape for digital assets, with implications for the broader financial sector. The outcome of the legislative package, including the Clarity Act, the GENIUS Act, and the Anti-CBDC bill, will be closely watched as it moves through the legislative process.