Epstein, Antichrists & Dragons: Crypto Week in Congress Nearly Goes Off the Rails

Key Points

1. Republican hardliners, including Rep. Marjorie Taylor Greene, opposed crypto bills, likening the GENIUS Act to a 'mark of the beast' and raising concerns about CBDCs.

2. Democrats, including pro-crypto Rep. Sam Liccardo, withdrew support for the CLARITY Act due to Republicans' refusal to include DeFi regulations and fears of increased fraud and crime.

3. Internal GOP fractures, partly tied to Jeffrey Epstein-related tensions, further complicated the legislative process, with Trump criticizing dissenting Republicans.

4. Anti-CBDC language demands by hardliners risked alienating pro-crypto Democrats, making bipartisan support for the CLARITY Act unlikely.

5. Despite potential passage of the GENIUS Act, the CLARITY Act faces significant hurdles in the Senate due to its weakened bipartisan backing and contentious provisions.