House Passes Procedural Vote for Crypto Bills 217-212

The U.S. House of Representatives has passed a procedural rules vote by a narrow margin of 217-212, clearing the path for key bills related to cryptocurrency, defense spending, and more. The vote, which lasted nearly 10 hours, set a new record for the longest vote in the U.S. House of Representatives. Some Republican lawmakers changed their positions multiple times within 24 hours, shifting from opposition to support and back to opposition, before ultimately settling on support. Following the passage of the procedural vote, the House leadership pledged to include an anti-CBDC (Central Bank Digital Currency) provision in the National Defense Authorization Act (NDAA).

The GENIUS Act and a potential CLARITY Act are expected to be brought to the floor for a final vote as early as tomorrow. The GENIUS Act is seen as a significant step towards modernizing financial regulation, including strict reserve requirements for stablecoin issuers and provisions limiting CBDC development. The passage of these bills could have far-reaching implications for the cryptocurrency market, as they would establish a more defined regulatory environment. The successful procedural vote is a positive sign for the future of cryptocurrency regulation in the United States, indicating growing support among lawmakers for establishing clear guidelines for the digital-asset industry. However, the actual vote on the GENIUS Act, scheduled for the following day, will be a critical test of this support. If the bill passes, it could set a precedent for future legislation aimed at regulating cryptocurrencies and other digital assets.