Latest news with #HouseFinancialServicesCommittee
Yahoo
2 days ago
- Business
- Yahoo
Crypto bills stall amid GOP infighting, leaving House in limbo
The House floor was locked at a standstill Wednesday afternoon as a diverse array of House Republicans sparred over a trio of cryptocurrency bills and Speaker Mike Johnson (R-La.) searched for consensus to unfreeze the floor. A procedural vote to advance the three crypto measures — meant to run for just five minutes — remained open more than three hours later as lawmakers from across the GOP's ideological spectrum shuffled in and out of meetings with leadership to discuss the stalled legislation. As of publication, seven Republicans had voted 'no' on clearing the procedural hurdle, including Reps. Lauren Boebert (Colo.), Tim Burchett (Tenn.), Michael Cloud (Texas), Marjorie Taylor Greene (Ga.), Scott Perry (Pa.), Chip Roy (Texas) and Keith Self (Texas) — enough to sink the vote in the GOP's narrow majority. By Wednesday evening, Republican Reps. Eli Crane (Ariz.) and Ralph Norman (S.C.) had also joined the 'no' votes, while Reps. Rob Bresnahan (R-Pa.), Thomas Massie (R-Ky.) and Mark Green (R-Tenn.) were not voting. Lawmakers had appeared poised to approve a series of procedural votes for the bills on Wednesday, after President Trump announced a deal Tuesday night with a contingent of Republican hard-liners who torpedoed a vote earlier in the day. The situation, however, quickly descended into disarray on Wednesday, as Trump's deal failed to appease the entire hard-line group, while seemingly alienating key leaders on the House Financial Services Committee. Three hard-liners — Roy, Self and Greene — initially cast 'no' votes on an early procedural motion before switching to 'yes' and allowing the measure to pass. Rep. Andy Harris (R-Md.), the chair of the conservative House Freedom Caucus, announced in a post on the social platform X during the vote that the House Freedom Caucus would back the rule after reaching an agreement with the president. 'Under this agreement, the Rules Committee will reconvene later today to add clear, strong anti–Central Bank Digital Currency (CBDC) provisions to the CLARITY legislation,' Harris said, referring to a bill laying out regulatory rules for the crypto industry. 'This is an important step to ensure Americans are protected from government overreach into their financial privacy,' he added. 'We remain committed to securing these critical protections in the final legislation and ensuring they are preserved as the bill moves through the Senate and into law.' Leadership appeared to put that plan in motion on Wednesday, sending alerts for a 4 p.m. meeting of the House Rules Committee. Just after 4 p.m., however, that gathering was canceled. Drama continued in the next vote — the final procedural hurdle before a final vote — when Roy and Greene once again cast 'no' votes. Rep. Bill Huizenga (R-Mich.), vice chair of the House Financial Services Committee, also initially voted against the measure. Johnson huddled with members in his office off the House floor, after which Huizenga switched his vote to 'yes,' while five other hard-liners joined Roy and Greene and changed their votes to 'no.' Rep. Dusty Johnson (R-S.D.) appeared optimistic about the legislation's prospects Wednesday afternoon, suggesting there was 'a lot of progress.' 'People in good faith are trying to get to 'yes,'' he told reporters. 'They're trying to figure out what is the right way to put the deal together. I think most everybody in that room has a high level of confidence that we're going to get the votes that we need to get this done shortly.' A source familiar with the matter said lawmakers are considering adding a crypto provision to the National Defense Authorization Act or the Foreign Intelligence Surveillance Act. Republicans were hopeful that they could pass the three crypto bills by Thursday as they celebrate 'Crypto Week,' but the revolt by 12 hard-line conservatives on Tuesday — and ensuing drama on Wednesday — stopped that effort in its tracks, bringing the chamber to a screeching halt. Republicans must adopt a rule to begin debate and tee up a final vote on the crypto bills. Rule votes are typically routine, party-line affairs, with members of the majority party voting in favor and those in the minority party voting in opposition. In recent years, however, some members in the majority have used the votes as a way to showcase opposition to leadership or legislation. The latest drama leaves the GENIUS Act, a bill setting up a regulatory framework for dollar-backed digital tokens called stablecoins, in limbo. If it can clear the House, the bill is poised to head to Trump's desk, where the president has indicated he is eager to sign the measure into law. The two other crypto bills up for consideration — the Digital Asset Market Clarity Act and the Anti-CBDC Surveillance State Act — have yet to pass the Senate and face a much more uncertain future. This has been central to opposition from the hard-line GOP contingent. They argue the GENIUS Act could pave the way for a central bank digital currency (CBDC) because it does not include any explicit provisions blocking such a development. While the anti-CBDC bill would bar the Federal Reserve from issuing a CBDC, it appears unlikely to receive enough support to clear the Senate and become law. The Digital Asset Market Clarity Act, sometimes referred to simply as the CLARITY Act, faces a similarly questionable path in the upper chamber, where senators are preparing to release their own version of crypto market structure legislation. Crypto market structure legislation seeks to provide regulatory clarity for the industry by dividing up oversight between two financial regulators — the Securities and Exchange Commission and Commodity Futures Trading Commission. Stablecoin and market structure legislation, long sought by the crypto industry, has become a key priority for President Trump and GOP leaders. After initially promising to get both bills across the finish line before Congress leaves for its August recess, they have since settled for passing only the GENIUS Act by the end of the month. The White House and key senators have said they're now hoping to wrap up market structure legislation by the end of September. Mike Lillis contributed to this report. Updated at 5:50 p.m. EDT Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. 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Yahoo
2 days ago
- Business
- Yahoo
House GOP clears procedural hurdle for crypto bills, unfreezing floor
House Republicans cleared a key procedural hurdle Wednesday night to unlock consideration of a trio of cryptocurrency bills, unfreezing the floor after a two-day saga. The chamber adopted a rule — which governs debate on legislation — in a 217-212 vote, after most of the GOP lawmakers who opposed the procedural effort Tuesday flipped their position. The vote remained open for well over eight hours, making history as the longest vote in the House as lawmakers engaged in negotiations behind the scenes. Rep. Marjorie Taylor Greene (R-Ga.) was the only GOP 'no' vote. GOP leadership was able to secure the holdouts' support for the motion after two days of talks by agreeing to add a crypto provision to the National Defense Authorization Act (NDAA), must-pass legislation that would put it on a path to landing on President Trump's desk — assuming it doesn't get stripped out of a final bill, which is often rewritten by both chamber's leaders. 'We had a very productive meeting tonight. I mean, everybody was there in good faith, they all have the same priorities, and I'm pleased that we'll be able to get this done. The president is as well,' Speaker Mike Johnson (R-La.) told reporters. 'I just spoke with him and, obviously, this is a big priority for him. And it was for us.' 'And so this breaks the logjam, allows us to get our work done,' he added. 'And sometimes it takes longer than at other times, but it's all part of the process, and you all know this works: We build consensus and we got it done tonight, so I'm very pleased.' The vote brings to a close several days of disarray over the procedural hurdle, which stood in the way of the chamber's ability to debate and vote on the raft of crypto legislation. With the rule adopted, the House can now debate and hold final passage votes on three cryptocurrency bills and a measure to fund the Pentagon for fiscal 2026. The drawn-out negotiations began after 12 hard-line Republicans voted against the rule Tuesday, blocking the House from moving forward with consideration of the bills and leaving the floor at a standstill. Trump appeared to avert the crisis late Tuesday, striking a deal with most of the hard-line group to vote in favor of the rule the next day in exchange for combining two of the crypto bills together. However, it quickly became apparent Wednesday that it would not be smooth sailing. Three GOP lawmakers — Reps. Chip Roy (Texas), Keith Self (Texas) and Greene — initially voted 'no' on a procedural step to reconsider the rule before switching to 'yes' at the last minute to allow it to pass. When the final rule came up for a vote, Roy and Greene again voted 'no,' alongside Rep. Bill Huizenga (R-Mich.), vice chair of the House Financial Services Committee. Huizenga's opposition underscored a key point of tension from the deal the president had reached with the hard-line contingent. Trump had agreed to add provisions blocking the creation of a central bank digital currency (CBDC) — like those in the Anti-CBDC Surveillance State Act, one of the three crypto bills on the floor — to a second bill, the Digital Asset Market Clarity Act. The Digital Asset Market Clarity Act aims to provide the crypto industry with clear rules by drawing a bright line between oversight by the Securities and Exchange Commission and the Commodity Futures Trading Commission. Trump's deal sought to alleviate the hard-liners' chief concern, which was that the crypto bills laid the framework for a CBDC. While the House is set to consider the anti-CBDC measure, it appears unlikely to garner enough support to clear the Senate. The Digital Asset Market Clarity Act also faces an uncertain future, but the addition of the anti-CBDC provisions appeared to allay their concerns. However, it seems to have raised concerns among other GOP lawmakers, including members of the House Financial Services Committee. As the hours ticked on and Johnson attempted to salvage the vote, more members of the original hard-line group changed their votes to 'no,' while Huizenga switched his vote to 'yes.' After GOP leadership agreed to add the anti-CBDC provision to the NDAA, the holdouts changed their votes back to 'yes,' allowing the rule to pass. The procedural vote brings the GENIUS Act, a bill setting up a regulatory framework for dollar-backed digital tokens called stablecoins, one step closer to reality. If it clears the House, the bill heads to Trump's desk, where the president has indicated he is eager to sign it into law. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. 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
Yahoo
2 days ago
- Business
- Yahoo
Stablecoin bill clears House after GOP revolt, heads to Trump's desk
The House on Thursday passed a bill setting up a regulatory framework for payment stablecoins, sending the cryptocurrency bill to President Trump's desk and marking a major win for the industry. Lawmakers voted 308-122 to pass the GENIUS Act following a tumultuous 'crypto week' in the chamber that saw competing GOP factions bring the House floor to a standstill for two days. Twelve Republicans voted against the measure while 102 Democrats voted 'yes.' The GOP 'no's' included Reps. Andy Biggs (Ariz.), Eric Burlison (Mo.), Michael Cloud (Texas), Eli Crane (Ariz.), Warren Davidson (Ohio), Russ Fulcher (Idaho), Marjorie Taylor Greene (Ga.), Morgan Griffith (Va.), Andy Harris (Md.), Scott Perry (Pa.), Chip Roy (Texas) and Austin Scott (Ga.). The bill regulating dollar-backed digital tokens now heads to Trump's desk, where he has indicated he is eager to sign it. 'For far too long, America's digital assets industry has been stifled by ambiguous rules, confusing enforcement and the Biden administration's anti-crypto crusade. But President Trump and this Congress are correcting course and unleashing America's digital asset potential with historic, transformative legislation,' Majority Whip Tom Emmer (R-Minn.) said at a press conference Thursday. 'President Trump promised to make America the crypto capital of the world, and today, we delivered,' he added. The legislation's future appeared in jeopardy less than 24 hours earlier. A group of hard-line Republicans tanked a procedural vote on a trio of crypto bills Tuesday, freezing the floor. Trump struck a deal to secure their support the next day, but several holdouts remained on Wednesday, as the House attempted once again to adopt a rule governing debate on the bills. The agreement Trump reached with the hardliners also prompted new backlash from members of the House Financial Services Committee. The deal sought to add provisions from the Anti-CBDC Surveillance State Act, which aims to bar the Federal Reserve from issuing a central bank digital currency (CBDC), to a broader crypto framework called the Digital Asset Market Clarity Act. Earlier Thursday, the House voted 294-134 to pass the Digital Asset Market Clarity Act. The anti-CBDC measure later cleared the chamber in a 218-210 vote. After hours of deliberation on Wednesday — during which the rule vote remained open and the number of 'no' votes from hardliners continued to grow — GOP leadership reached a deal to add the anti-CBDC provisions to the National Defense Authorization Act. Including the provisions in the must-pass legislation would put them on track to reach Trump's desk, assuming they don't get stripped out of the bill as it weaves its way through Congress later this year. The agreement convinced most of the remaining holdouts to switch their 'no' votes on the rule to 'yes,' allowing it to pass after more than nine hours. It easily surpassed the previous record for longest vote in the chamber, which the House set just two weeks earlier during consideration of the GOP's 'big, beautiful bill.' The only Republican 'no' vote that remained when they finally closed the vote late Wednesday night was Rep. Marjorie Taylor Greene (Ga.). With the successful adoption of the rule, lawmakers were able to unfreeze the floor and unlock consideration of the crypto bills, including the GENIUS Act. Rep. Maxine Waters (D-Calif.), the top Democrat on the House Financial Services Committee, has lobbied against the crypto legislation all week, labeling it 'anti-crypto corruption week' and underscoring her concerns with the president's expanding involvement in the industry. 'Crypto, whatever people think about it, is overshadowed by a corrupt president who owns crypto and a president who basically is going to enrich himself and his family,' Waters told reporters Thursday. The final passage of the stablecoin bill represents a key win for the crypto industry, which has long sought legislation to provide greater regulatory clarity. 'The bipartisan passage of the GENIUS Act is a watershed moment for digital assets in the United States,' Blockchain Association CEO Summer Mersinger said in a statement. 'For the first time, Congress has moved comprehensive legislation that provides enforceable, tailored rules for stablecoins — a foundational technology for the future of finance.' Trump, who has become a key ally of the industry in his second term, had urged House lawmakers to quickly pass a 'clean' bill, frustrating hopes of tying it to crypto market structure legislation. Some lawmakers had hoped to tie the two bills together in order to allow the House to put its stamp on crypto legislation and ensure Congress doesn't lose momentum before getting to market structure. Market structure legislation, which seeks to split up oversight of the industry between the Securities and Exchange Commission and Commodity Futures Trading Commission, is considered the centerpiece of crypto regulation. The Senate has moved much slower on market structure legislation, frustrating the House. However, the upper chamber appears poised to soon release its own version of the bill. Updated at 5:15 p.m. EDT Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. 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
The Hill
3 days ago
- Business
- The Hill
GOP chair: ‘I don't believe' Trump can fire Powell
Rep. French Hill (R-Ark.), the chairman of the House Financial Services Committee, said on Thursday that he does not 'believe' that President Trump can fire Federal Reserve Chair Jerome Powell. Hill was asked during a press conference if he thinks there are any circumstances in which Trump 'could and should' fire Powell, whose term as the chair of the Federal Reserve Board expires in 2026. 'He's not going to fire Jay Powell, and I don't believe he can fire Jay Powell,' Hill said in response. 'Jay Powell's term is up as chairman next spring. President Trump also has a vacancy coming up earlier in the winter, that he can add the governor and I think that's the bottom line,' the Arkansas Republican added. Trump, who has heavily criticized Powell over refusing to lower interest rates, signaled to some lawmakers during a Tuesday White House meeting that he planned to fire the Fed chairman. On Wednesday, the president walked back some of it. 'I don't rule out anything, but I think it's highly unlikely. Unless he has to leave, fraud,' Trump told reporters on Wednesday. Other administration officials have also hammered Powell, whose term as a Board of Governors member expires in 2028, including White House trade czar Peter Navarro, who called Powell the 'worst Fed chair in history.' Republican lawmakers are split on whether Trump should fire Powell. Some, such as Rep. Anna Paulina Luna (R-Fla.), are in favor of Powell being fired, while others, like Rep. Byron Donalds (R-Fla.), are 'not there yet.' 'It's pretty clear the president is frustrated about where short-term interest rates are,' Donalds said during a Wednesday interview at The Nation Summit. Some GOP senators warned Trump that removing Powell could send a 'shock wave' through the financial markets. 'I do not believe a president, any president, has the authority to fire the Federal Reserve chair,' Sen. John Kennedy (R-La.) said on Wednesday. 'I believe strongly in the independence of the Federal Reserve. Some countries in the world don't have independent central banks,' Kennedy added. 'Ask Turkey how that's been working out for them. At one point Turkey had inflation at 30 percent.'
The Hill
3 days ago
- Business
- The Hill
Stablecoin bill clears House
Lawmakers voted 308-122 on Thusday to pass the GENIUS Act following a tumultuous 'crypto week' in the chamber that saw competing GOP factions bring the House floor to a standstill for two days. A dozen Republicans voted against the measure, while 102 Democrats supported it. The bill regulating dollar-backed digital tokens now heads to Trump's desk, where he has indicated he is eager to sign it. 'For far too long, America's digital assets industry has been stifled by ambiguous rules, confusing enforcement and the Biden administration's anti-crypto crusade,' Majority Whip Tom Emmer (R-Minn.) said at a press conference Thursday. 'But President Trump and this Congress are correcting course and unleashing America's digital asset potential with historic, transformative legislation,' he continued. 'President Trump promised to make America the crypto capital of the world, and today, we delivered,' Emmer added. The legislation's future appeared in jeopardy less than 24 hours earlier. A group of hardline Republicans tanked a procedural vote on a trio of crypto bills Tuesday, freezing the floor. Trump struck a deal to secure their support the next day, but several holdouts remained Wednesday, as the House attempted once again to adopt a rule governing debate on the bills. The agreement Trump reached with the hardliners also prompted new backlash from members of the House Financial Services Committee. The deal sought to add provisions from the Anti-CBDC Surveillance State Act, which aims to bar the Federal Reserve from issuing a central bank digital currency (CBDC), to a broader crypto framework called the Digital Asset Market Clarity Act. Both measures passed the House as well Thursday. After hours of deliberation Wednesday — during which the rule vote remained open and the number of 'no' votes from hardliners continued to grow — GOP leadership reached a deal to add the anti-CBDC provisions to the National Defense Authorization Act. Including the provisions in the must-pass legislation would put them on track to reach Trump's desk, assuming they don't get stripped out of the bill as it weaves its way through Congress later this year. The agreement convinced most of the remaining holdouts to switch their 'no' votes on the rule to 'yes,' allowing it to pass after more than nine hours. It easily surpassed the previous record for longest vote in the chamber, which the House set just two weeks earlier during consideration of the GOP's 'big, beautiful bill.'
