The House conservatives end the obstruction, and Trump's "Cryptocurrency Week" makes progress
The conservative faction of the Republican Party has ended its obstruction of the cryptocurrency bill, paving the way for a vote in the House of Representatives. The Trump-backed "Cryptocurrency Week" is approaching, and House leaders have promised to include measures to prohibit the Federal Reserve from issuing digital currency in the defense authorization bill to promote the passage of the stablecoin legislation. The stablecoin legislation has received broad support in the Senate, and if passed by the House, it will be submitted for Trump's signature. Bitcoin's price fell by 1.12%
According to Zhitong Finance APP, conservative members of the Republican Party in the United States have abandoned their two-day obstruction of cryptocurrency-related legislation, paving the way for a vote in the House of Representatives on a series of measures supported by President Donald Trump.
On Tuesday, conservatives ultimately made concessions under pressure from Trump. Trump supports digital assets and has promoted the upcoming vote as "Cryptocurrency Week."
Nevertheless, House leaders had to extend procedural votes for several hours on Wednesday to continue efforts to resolve the deadlock, breaking the longest voting record in House history.
Ultimately, enough conservatives joined other Republicans to approve the procedural steps necessary to begin deliberating on cryptocurrency legislation. These cryptocurrency bills include stablecoin legislation passed by the Senate, which industry supporters hope will promote the wider use of dollar-denominated digital tokens.
House Speaker Mike Johnson stated that House leaders assured dissenting lawmakers that a measure to prohibit the Federal Reserve from issuing digital currency would be included in the defense authorization bill later this year, thereby persuading the opposition to advance the stablecoin bill.
Johnson said, "This broke the deadlock and allowed us to get the work done. Sometimes the time required is longer than at other times, but that is all part of the process."
The House will also vote on an industry-supported bill aimed at establishing broader market structure rules for cryptocurrencies. This bill also needs Senate approval.
Stablecoin-related legislation received broad bipartisan support in the Senate last month, and if passed in the House, it will be submitted to Trump for signing. The bill sets regulatory rules for dollar-backed stablecoins, including requiring companies to hold short-term government bonds or other products regulated by state and federal authorities that are equivalent to the dollar as reserves.
As of the time of publication, Bitcoin fell 1.12% to $118,600 per coin
