House Republican leaders faced another setback Wednesday in their efforts to move key cryptocurrency bills, due to disagreements among GOP lawmakers.
What Happened: The faction, consisting of far-right Republicans, agreed to merge the market-structure-focused CLARITY Act with a separate bill banning a central bank digital currency, Politico reported. However, this decision has been met with resistance from committee members who fear that this merger could risk both bills.
House Speaker Mike Johnson (R-La.) had discussions with members of the Financial Services and Agriculture panels, as well as the opposing faction, the report said.
Interestingly, the roadblock comes after President Donald Trump declared that he had secured the commitment of 11 out of the 12 necessary Republicans to pass the bill, and that they would all vote in favor of the Rule.
See Also: $100M In PAC Funding, But Still No Crypto Laws -- What Coinbase Wants Washington To Know
Rep. Marjorie Taylor Greene (R-Ga.), one of the holdouts, declared earlier that she won’t vote in favor of the GENIUS Act, or the stablecoin bill, as it lacks a provision banning CBDCs.
Why It Matters: This setback comes after the House passed the first round of procedural votes to advance major cryptocurrency legislation in the afternoon.
The vote marked a significant turnaround from Tuesday, when a similar vote failed, casting a pall over the highly anticipated "Crypto Week." However, as things stand, the lawmakers have reached a new deadlock.
The GENIUS Act, which has already passed in the Senate, aims to establish the first regulatory framework for issuers of dollar-pegged stablecoins like Tether (CRYPTO: USDT) and USDC (CRYPTO: USDC). The CLARITY Act, on the other hand, proposes to split cryptocurrency oversight between the SEC and the CFTC.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
