The Encryption Bill Stalls in House Procedural Vote, Extending the Stalemate of "Encryption Legislation Week"
BlockBeats News, July 17th: On Wednesday, the U.S. House of Representatives faced a deadlock in advancing key cryptocurrency legislation through a procedural vote. Despite earlier passing a preliminary procedural motion, consensus could not be reached on advancing three core crypto bills to a final vote.
On that day, the House narrowly passed the first procedural motion by a vote of 217-215, deciding to reconsider the debate rules on how to advance the legislation—a process that was stalled on Tuesday due to opposition from the House Freedom Caucus. The final vote resulted in 210 in favor to 218 against, with Republicans needing to flip at least 4 opposing votes to continue the legislative process.
The focus of the controversy was on the stablecoin bill. While the House has its own STABLE Act, this time it will be voting on the Senate version known as the GENIUS Act. Members of the Freedom Caucus collectively voted against it on Tuesday as they were not involved in drafting the stablecoin bill. According to Politico, President Trump reached an agreement with 11 dissenting members on Tuesday night, promising to merge the anti-CBDC bill with the Clarity Act (market structure bill) in exchange for their support. However, sources suggest that this move may result in some Democrats withdrawing their support.
This vote is a key agenda item for Congress's "Crypto Legislation Week." If the market structure bill is approved by the House, it will be sent to the Senate for consideration; while the stablecoin bill can be directly sent for the President's signature. Insiders point out that the House leadership did not adequately consult with the Republican caucus before announcing "Crypto Legislation Week," leading to numerous setbacks in the legislative process this week.
You may also like

Business Opportunities of Tokenized Stocks

In-depth research report on the Resolv protocol hacking incident, who is the final payer?

Crypto Market Sees Large Liquidations: $272 Million in Long Positions Affected
Key Takeaways In the last 24 hours, $272 million worth of contracts were liquidated across the entire crypto…

Whale Increases BTC Shorts and Bets on Crude Oil: A Strategic Crypto Move
Key Takeaways A prominent whale, known as “UnRektCapital,” has strategically escalated its short position in Bitcoin while simultaneously…

Hackers in Brazil Use Fake Google Play Store to Steal Cryptocurrency
Key Takeaways Hackers in Brazil are exploiting fake Google Play Store pages to spread Android malware. Infected devices…

Exchanging 200,000 for nearly 100 million, DeFi stablecoins face another attack

The underlying business agreement of the trillion-dollar Agent economy: Understanding ERC-8183, it's not just about payments, but the future

When Wall Street's ETH begins to "yield": Looking at the asset properties of Ethereum from BlackRock's ETHB

The Power of Agency: The Agentic Wallet and the Next Decade of Wallets

Understanding x402 and MPP in One Article: Two Routes for Agent Payments

Particle Founder: The entrepreneurial insights I have gained the most from in the past year

Huang Renxun's latest podcast transcript: The future of Nvidia, the development of embodied intelligence and agents, the explosion of inference demand, and the public relations crisis of artificial intelligence

OKX Ventures Research Report: AI Agent Economic Infrastructure Research Report (Part 1)

The migration of settlement rights: B18 and the institutional starting point of on-chain banks

From Tencent and Circle: Looking at the Simple and Difficult Questions of Investment

The second half of stablecoins no longer belongs to the crypto circle

Cursor "Shell" Kimi Controversy Reversed: From Copyright Infringement Allegations to Authorized Collaboration, China's Open Source Model Once Again Becomes a Global AI Foundation

The Real Reason Tokens Don't Sell: 90% of Crypto Projects Overlook Investor Relations
Business Opportunities of Tokenized Stocks
In-depth research report on the Resolv protocol hacking incident, who is the final payer?
Crypto Market Sees Large Liquidations: $272 Million in Long Positions Affected
Key Takeaways In the last 24 hours, $272 million worth of contracts were liquidated across the entire crypto…
Whale Increases BTC Shorts and Bets on Crude Oil: A Strategic Crypto Move
Key Takeaways A prominent whale, known as “UnRektCapital,” has strategically escalated its short position in Bitcoin while simultaneously…
Hackers in Brazil Use Fake Google Play Store to Steal Cryptocurrency
Key Takeaways Hackers in Brazil are exploiting fake Google Play Store pages to spread Android malware. Infected devices…