Crypto bills stall in House as procedural vote fails
Powered by ChatGPTA procedural vote that would have cleared the way for lawmakers to pass monumental cryptocurrency legislation has failed.
On the House floor on Tuesday, lawmakers voted 196 to 223 against moving forward with voting on three bills that were scheduled for votes this week. A House aide told The Block that they will try again later at 5 p.m. ET. A person familiar with the matters also said something similar.
In what is being called "Crypto Week," the House of Representatives was slated to consider the Guiding and Establishing National Innovation for U.S. Stablecoins ("GENIUS") Act, as well as the Digital Asset Market Clarity ("Clarity") Act.
GENIUS, which has already been passed in the Senate, would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with a market capitalization exceeding $50 billion, and establish guidelines for foreign issuance. That bill could be at Trump's desk before the end of the week.
Meanwhile, Clarity takes a whole-of-crypto approach and would create a clear regulatory framework for crypto in part through designating how the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission will regulate. The bill also requires digital asset firms to provide retail financial disclosures and segregate corporate and customer funds.