US ‘Crypto Week’ Becomes Crypto Chaos as Lawmakers Battle Over CBDC
2025-07-17 16:48:10
Main Idea
The U.S. House of Representatives passed a procedural vote to include a CBDC ban in the National Defense Authorization Act (NDAA), while three key crypto bills—CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance Act—face critical votes amid political negotiations.
Key Points
1. A procedural vote passed 217 to 212 to add a CBDC ban to the NDAA instead of bundling it with crypto bills.
2. Three crypto bills under consideration: CLARITY Act (market structure), GENIUS Act (stablecoin regulations), and Anti-CBDC Surveillance Act (banning Fed-issued CBDCs).
3. Concerns were raised that the GENIUS Act could enable a 'back door' for the Fed to issue a CBDC.
4. House Majority Whip Tom Emmer emphasized attaching the Anti-CBDC Surveillance Act to the NDAA to prevent 'CCP-style surveillance.'
5. Republican Representative French Hill warned that lacking a regulatory framework like the CLARITY Act could lead to risks similar to past crypto failures.
Description
House Republicans finally reached a deal on Wednesday to advance three crypto bills after a record-breaking nine-hour procedural vote, the longest in House history. The delay was caused by Republican hardliners who refused to support the measures unless a central bank digital currency (CBDC) ban was guaranteed. The procedural vote eventually passed 217 to 212 late Wednesday, with House Majority Leader Steve Scalise agreeing to add a CBDC ban to the must-pass National Defense Authorization Act (N...
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