What was supposed to be a triumphant week in Congress for backers of cryptocurrencies has instead become one of uncertainty. When "crypto week" started, the House had been poised to pass three pieces of pro-crypto legislation, but what the New York Times describes as a "mutiny" by a coalition of conservative members of Congress brought things to a standstill. Rep. Marjorie Taylor Greene voiced one key point of contention—the absence of language barring the federal government from issuing its own cryptocurrency (known as central bank digital currencies, or CBDCs).
After two days of an impasse over that and other issues, lawmakers cleared a key procedural issue overnight Wednesday in a marathon session to put the crypto legislation back on track for a vote this week, per CoinDesk. But CNBC offers context, noting that the stalemate "has fueled doubts over whether the House Republican conference can align its members' differing views on crypto regulation enough to pass final versions of the bills that will eventually be signed into law."
In addition to language barring CBDCs, the two major pieces of legislation in play are now the Genius Act, which would establish regulations for "stablecoins," and the Clarity Act, which would "rewrite the rules" on crypto investments to keep them safer from the SEC under a future president, per the Times. President Trump has become a prominent backer of the industry and has been pushing this week to get the legislation passed.
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