Trump Pushes House GOP to Revive Vote on Crypto Bills
2025-07-16 06:39:50
Main Idea
The House voted against a procedural rule during 'Crypto Week' that would have advanced several cryptocurrency-related bills, including the GENIUS Act, due to concerns about enabling a central bank digital currency (CBDC).
Key Points
1. The House voted 196-223 against a procedural rule that would have allowed the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act to advance to floor debate.
2. President Donald Trump met with House Republicans to rally support for the GENIUS Act, leading to a procedural rule being granted the next morning.
3. Opponents of the GENIUS Act, including Rep. Marjorie Taylor Greene, expressed concerns that it could enable a CBDC, despite language in the bill prohibiting the Fed from creating a retail CBDC.
4. Kadan Stadelmann of Komodo Platform criticized the GENIUS Act as 'regulatory overreach' and warned that stablecoin regulation risks turning stablecoins into de facto CBDCs.
5. Democrats, including Rep. Maxine Waters, and industry leaders also criticized the CLARITY Act, arguing it would force DeFi developers into compliance with traditional financial regulations.
Description
Trump should focus on building a national Bitcoin reserve instead of pushing stablecoin regulation, Decrypt was told.
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