Trump-Backed Crypto Regulation⁢ bills ⁢Stumble ‍in House, Dealing Blow to Industry

Washington D.C. – Cryptocurrency regulation bills championed⁤ by former President Donald Trump faced a significant setback Tuesday as they failed to clear a key procedural hurdle in the House of Representatives. The unexpected vote ⁤dealt a major⁤ blow to the crypto ⁣industry’s hopes ⁢for legislative clarity.

The measures, widely anticipated to pass, were blocked ‍from advancing after the House voted 196 in ‍favor to 223 against approving the rules of debate for the legislation. Thirteen Republicans joined Democrats in voting against the procedural motion, a rare instance of the party refusing to follow President Trump’s directive.

house Republican leadership has not yet clarified the next steps for the package, including whether a second vote would be held on identical legislation or if‍ changes would⁢ be made to address the concerns⁣ of dissenting members. Crypto-linked ⁤stocks saw a downturn following the‍ vote’s failure.

Greene Cites CBDC Ban ‍as Reason for Opposition

One of the Republicans who voted against the procedural rule,Rep. marjorie Taylor Greene (R-Ga.), stated her opposition stemmed⁤ from the bill’s failure to include a ban on Central Bank Digital Currencies (CBDCs).

“I just voted NO on the Rule for the GENIUS Act ⁢as it does not ⁣include a ban on Central Bank Digital Currency and becuase Speaker johnson⁤ did not allow us to submit amendments to the GENIUS Act,” Greene wrote on social media. She⁢ emphasized that President Trump⁣ had included a CBDC ban in a⁢ January executive order and argued that congress must do⁢ the same in the GENIUS Act.

Trump Urges Support ⁢for⁤ “Tremendous Bill”

Earlier on Tuesday, President Trump had actively promoted “Crypto Week” on his Truth Social platform, urging all House Republicans to vote in favor of the legislation.

“The House will soon VOTE on⁤ a tremendous Bill to Make America the UNDISPUTED,NUMBER ONE LEADER in Digital Assets – Nobody does it better!” Trump‍ posted. He further⁢ asserted that the GENIUS Act would position the United States “lightyears ahead of ⁣China,⁤ Europe, and all⁤ others.”

“Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this ‍afternoon (ALL REPUBLICANS SHOULD VOTE YES!),” Trump concluded in his appeal to his party.The⁢ failure of these bills highlights the complex political landscape surrounding cryptocurrency regulation in the United States,⁢ even with presidential backing. The industry now awaits further developments⁣ to understand the path forward for legislative action.