Former US President Donald Trump convened with Republican members of the House of Representatives on July 15 in an effort to re-secure backing for three proposed cryptocurrency laws, following an earlier setback that stalled their progress.
These pieces of legislation, known as the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act, were intended to highlight what the White House has dubbed “Crypto Week,” however, a procedural vote presented unexpected obstacles.
The House of Representatives registered a vote of 196 to 223 against the resolution, effectively preventing further discussion on these bills.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Ethereum Classic & ETC Coin? (Animated Explainer)
This voting outcome stemmed from reservations held by certain Republican representatives, specifically regarding the GENIUS Act’s perceived inadequacy in restricting the Federal Reserve’s authority to issue a central bank digital currency, or CBDC.
President Trump subsequently hosted a meeting in the Oval Office with a group of Republican lawmakers who had expressed opposition to the initial resolution. Following these discussions, he communicated via his Truth Social account that 11 out of the 12 present members pledged to support the rule when it is presented for reconsideration on July 16.
The Republicans who had previously voted against the cryptocurrency bills included Representatives Ann Paulina Luna from Florida, Scott Perry from Pennsylvania, Chip Roy, Michael Cloud, and Keith Self from Texas, Victoria Spartz representing Indiana, Andrew Clyde, Marjorie Taylor Greene, and Andy Biggs from Georgia, Eli Crane of Arizona, Andy Harris of Maryland, and Tim Burchett of Tennessee.
In related news, the Securities Industry and Financial Markets Association (SIFMA) has recently encouraged the Securities and Exchange Commission (SEC) to deny proposals from cryptocurrency firms seeking to issue tokenized stocks under more lenient regulations. Intrigued? Discover more details here.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.