Crypto Bill Clash with Republicans Allegedly Ended by Trump's Negotiation Success
The U.S. House of Representatives is set for a fresh attempt to pass three significant cryptocurrency bills, including the GENIUS Act, following a stalled vote on Tuesday. The bills, collectively known as "Crypto Week," are at the heart of a broader debate on the role of central bank digital currencies (CBDCs) in the American economy.
The GENIUS Act, which seeks to establish a regulatory framework for stablecoins, has been a focal point of the legislative push. The bill requires stablecoins to be fully backed by U.S. dollars or similar liquid assets and mandates annual audits for large issuers. However, it does not explicitly ban CBDCs, instead aiming to solidify the role of private stablecoins in the digital economy.
Some Republican lawmakers, such as Rep. Marjorie Taylor Greene, argue that the GENIUS Act does not go far enough in addressing CBDCs, expressing a desire for a more comprehensive ban. This sentiment is reflected in another bill, the Anti-CBDC Surveillance Act, which proposes a ban on any U.S. central bank digital currency, due to concerns over government surveillance and digital privacy.
President Donald Trump has shown strong support for the GENIUS Act, meeting with key Congress members to secure their vote. Despite his claims of near-unanimous Republican support, internal GOP divisions have been evident, with some lawmakers wanting changes to the GENIUS Act, while others wanted it bundled with the Anti-CBDC Surveillance Act and the CLARITY Act.
Following a group of Republicans' demand for a ban on CBDCs, the House GOP leadership agreed to attach the Anti-CBDC Surveillance Act to the National Defense Authorization Act, rather than combining it with the GENIUS Act. This move was aimed at addressing some conservative concerns.
In a recent development, President Trump met with 11 of the 12 lawmakers who had held up the vote, securing their support for the GENIUS Act. Trump announced on Truth Social that these lawmakers had agreed to vote in favor of the bill tomorrow morning.
The delayed vote for the three crypto bills has sparked resistance from Democrats, who have framed the legislation as "anti-crypto corruption week." Despite this, the House is scheduled to try again for a vote on the three crypto bills on Wednesday morning, with Trump's push.
The outcome of these votes could shape the future of cryptocurrency regulation in the United States, providing clarity on the role of CBDCs and setting the stage for a more secure and transparent digital economy.
- The contentious issue of Central Bank Digital Currencies (CBDCs) has expanded beyond the cryptocurrency bills, leading to a debate in the realm of politics and policy-and-legislation, particularly the role of CBDCs in the American economy, war-and-conflicts, and crime-and-justice, as concerns over digital privacy and government surveillance surface.
- The upcoming vote on the three significant cryptocurrency bills, collectively termed "Crypto Week," will not only decide the future of cryptocurrency regulation in the United States but also the general-news of whether CBDCs will be allowed or banned, impacting the digital economy significantly.
