By Danielle
A group of House Republicans blocked the advancement of the GENIUS Act, which aims to establish the first-ever regulatory framework for fiat-backed stablecoins.
“The House voted 196-223 on a procedural vote setting terms for floor debate on the GENIUS Act,” Axios noted.
This week has been dubbed “Crypto Week” as the House attempts to pass three pieces of crypto-related legislation.
“HAPPY CRYPTO WEEK! The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets – Nobody does it better! The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it,” President Trump said Tuesday.
“Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!). This is our moment – Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE,” he continued.
“We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!” he added.
Cointelegraph noted:
The president may have been referring to a House resolution to consider the three bills and a defense bill, which failed to get support from a majority of lawmakers present on Tuesday — at least 13 Republicans may have voted against the resolution.
House Speaker Mike Johnson reportedly said the chamber would take up another vote “this afternoon.”
The GENIUS Act, which passed through the Senate in June with bipartisan support despite initial resistance from many Democrats, is expected to head for a floor vote in the House by Thursday. At the time of publication, the bill was scheduled to be considered by the House sometime this week, but it was unclear whether the chamber planned a separate floor vote on Tuesday.
full story at https://100percentfedup.com/legislation-establishing-cryptocurrency-regulatory-framework-blocked-house-republicans/
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