The United States House of Representatives late Wednesday advanced three key cryptocurrency regulation bills after a prolonged and contentious standoff among Republican lawmakers. The vote came after nearly ten hours of negotiations, marking the longest open vote in the House’s modern history. The rules package, which includes the crypto bills and a Pentagon appropriations measure, passed narrowly by a margin of 217-212.
House Speaker Mike Johnson led efforts to resolve the impasse, spending much of the day in closed-door discussions with Republican holdouts. These negotiations followed earlier failed attempts to move the legislation forward due to internal disagreements within the party. Initial opposition came from hardline conservatives, but new resistance later emerged from moderates who objected to sudden changes made to the bills in a bid to secure broader GOP support.
The three bills at the center of the debate include the GENIUS Act, which outlines regulatory frameworks for stablecoin issuers and had already passed the Senate in June. Also included are the CLARITY Act and the Anti-CBDC Surveillance State Act, which aims to block the Federal Reserve from developing a central bank digital currency. A breakthrough was reached after Republican leaders agreed to attach the Anti-CBDC measure to the National Defense Authorization Act, a must-pass bill, effectively ensuring its survival.
House Republicans advance crypto bills after breaking standoff
House GOP Whip Tom Emmer highlighted the significance of this attachment, stating that it would protect American financial privacy from potential government overreach. President Donald Trump, who has identified cryptocurrency as a top priority for his administration, also played a role in persuading holdouts to support the rules package. Trump held a late-night meeting on Tuesday with a group of conservative lawmakers, later claiming they had committed to supporting the legislation.
Despite Trump’s assurances, opposition lingered into Wednesday from members of key House committees involved in drafting the legislation. These lawmakers expressed concerns over last-minute amendments made without their input, particularly regarding the merging of two of the bills. Nevertheless, Republican leaders managed to flip enough votes to proceed, with only Representative Marjorie Taylor Greene maintaining her opposition through the final vote.
Speaker Johnson secures votes to push crypto regulation forward
Speaker Johnson confirmed that the House will hold a final vote on the GENIUS Act as early as Thursday, while the CLARITY Act may see a vote postponed until the following week. Johnson expressed confidence in the legislation’s path forward, citing recent conversations with Senate Majority Leader John Thune to ensure continued momentum in the upper chamber.
For the cryptocurrency industry, which has invested heavily in lobbying efforts, this legislative progress offers cautious optimism. However, the internal divisions laid bare by the drawn-out process have raised questions about the Republican Party’s ability to maintain cohesion on complex financial policy issues. The outcome of these votes will likely influence the broader regulatory landscape for digital assets in the United States for years to come. – By Content Syndication Services.