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Crypto bills advance in longest House vote ever
Crypto bills advance in longest House vote ever

UPI

time17-07-2025

  • Business
  • UPI

Crypto bills advance in longest House vote ever

The House of Representatives, seen here after a vote at the U.S. Capitol in Washington, D.C. in July. Photo by Bonnie Cash/UPI | License Photo July 17 (UPI) -- The House advanced a trio of cryptocurrency rules as it set a new record Wednesday for the longest vote ever held in the chamber in history. It took 10 hours for the chamber's GOP majority to advance the bills, breaking a record that had only been set earlier in the month, in a session that involved behind-the-scenes negotiations to get Republican holdouts to change their minds. Once the clock struck 8:43 p.m. EDT, the old record was broken, which had only been set in the first week of July when the House approved the fiscal year 2026 federal budget bill. The three bills in question include the Genius Act, which the Senate already passed in June, the Clarity Act and a third bill that would prevent the Federal Reserve from establishing a central bank digital currency. "After the longest House vote in Week continues on!" posted Rep. Bryan Steil, R-Wis., who serves as the House Crypto Subcommittee Chairman, to X at 11:10 p.m. EDT Wednesday. "We took a step forward today," he said in a follow-up video X post at 11:31 p.m. EDT Wednesday, in which he acknowledged it was the longest rule vote ever in the House. "It took a little bit longer than we thought, but away we go."

Stablecoin Bill Poised to Pass as House Kicks Off ‘Crypto Week'
Stablecoin Bill Poised to Pass as House Kicks Off ‘Crypto Week'

Yahoo

time14-07-2025

  • Business
  • Yahoo

Stablecoin Bill Poised to Pass as House Kicks Off ‘Crypto Week'

(Bloomberg) -- Republican House leaders anticipate passing an industry-friendly stablecoin regulatory bill this week, sending Congress's first major digital assets legislation to the president and kicking off a series of votes on related measures that supporters have dubbed 'Crypto Week.' Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests Industry backers hope the legislation will promote wider use of dollar-denominated stablecoins, marking the first big victory for crypto advocates since they poured hundreds of millions of dollars last year into efforts to elect friendly lawmakers, according to Federal Election Commission filings. 'The golden age of digital assets is here,' said Republican Representative Bryan Steil of Wisconsin, an industry ally who chairs a House subcommittee on crypto. President Donald Trump, whose family has launched its own crypto ventures, has made digital assets regulation a priority of his second term, declaring that the US will be the 'crypto capital' of the world. Many Democrats have unsuccessfully demanded crypto legislation prohibit Trump and his family's digital assets ventures, which has earned them hundreds of millions of dollars. The House is also scheduled to vote on two other industry-backed measures this week, one that would set broader market structure rules for crypto and another prohibiting the Federal Reserve from issuing digital currency. The Senate passed the stablecoin legislation last month with broad bipartisan support. It sets regulatory rules for dollar-backed stablecoins, including a requirement for firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators. Republicans in the House and Senate have been negotiating a path forward on the other crypto legislation. House GOP members have previously expressed concern over the Senate ever adopting a market structure measure, and Senate Banking Committee Chairman Tim Scott has set a September 30 deadline for his panel to finish its work on that legislation. The market structure legislation, which would give most of the responsibility for digital assets to a regulatory agency the industry views as more friendly, won bipartisan support in House committee votes and is expected to win some Democratic votes on the floor. The bill classifies most cryptocurrencies as commodities to be overseen by the Commodity Futures Trading Commission rather than the Securities and Exchange Commission. The Senate Banking Committee held a hearing on market structure last week, and the Agriculture Committee, which has jurisdiction over the CFTC, scheduled a hearing for Tuesday. Senators plan to release draft legislation in July and unveiled guiding principles in June, which were largely in line with the House's version of market structure. The top-ranking Democrats on related committees, Representative Maxine Waters on the House Financial Services Committee and Elizabeth Warren on the Senate Banking Committee, have opposed the measures. They argue that none of the crypto legislation does enough to protect consumers and the bills lack conflict of interest measures to combat the Trump family's ties to the crypto industry. Waters is planning to counter-program Republicans with an 'anti-crypto corruption week.' --With assistance from Lydia Beyoud and Steven T. Dennis. 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Trade War? No Problem—If You Run a Trade School Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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