Crypto Chaos in the Capitol 🤯

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Well, old chap, it seems the crypto enthusiasts in Washington have hit a bit of a snag. The House Republicans, in their infinite wisdom, have blocked a procedural vote to consider two crypto bills on the House floor. A bit of a blow to President Trump and the GOP’s efforts, I dare say.

It’s crypto week in Washington, and things are off to a ripping start, aren’t they? The conservatives in the House have tanked a procedural floor vote, and the final tally was 196-223, with Democrats and GOP hardliners voting against advancing the legislation. Oh dear, it seems the Republicans who voted against wanted the legislation to be packaged together with two other crypto bills for consideration this week. A bit of a kerfuffle, if you ask me.

These included a market structure bill and a bill that would ban central bank digital currency (CBDC). Rep. Marjorie Taylor Greene (R-Ga.) told reporters, “President Trump wrote an executive order on January 23rd, specifically on exactly what the GENIUS Act is about. Except, they (the Senate) did not include what was in his executive order, which was a ban on central bank digital currency.” Ah, the Senate, always leaving out the juicy bits, eh?

“President Trump wrote an executive order on January 23rd, specifically on exactly what the GENIUS Act is about. Except, they (the Senate) did not include what was in his executive order, which was a ban on central bank digital currency.”

The House leadership has tentative plans to hold another vote later in the day. But, alas, it’s still unclear if the second vote would be for identical bills or whether House Republican leaders would amend the packages to satisfy the first vote’s defectors. A bit of a muddle, if you ask me.

A Spot of Context, Old Chap

The crypto industry could yet notch a major win this week if the House can pass the crypto bills that would set up a regulatory framework. The first is the stablecoin bill known as the GENIUS Act. It’s aimed at regulating stablecoins, specifically their issuance and exchange. The bill sets rules for issuers, aiming to protect consumers from a digital bank run. All very sensible, I dare say.

The bigger prize, of course, is the CLARITY Act. This would determine whether an asset is a security and overseen by the U.S. Securities and Exchange Commission, or if it’s a commodity and overseen by the Commodity Futures Trading Commission (CFTC). A bit of clarity, indeed.

The third bill in limbo is the proposal to prevent the Federal Reserve from creating a CBDC. Ah, the Federal Reserve, always trying to get in on the action, eh?

This legislative snag has affected crypto stocks, I’m afraid. Shares of the Circle Internet Group, issuer of the stablecoin USD Coin [USDC], fell by 4.58% on the 15th of July. Coinbase, the largest U.S.-based crypto exchange, saw its shares fall 1.5% for the day. But, of course, it had just made its all-time high at $394 on the 14th of July. A bit of a rollercoaster, if you ask me.

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2025-07-16 08:58