Crypto, Trump and stablecoin
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House Republicans are struggling with cryptocurrency legislation that they had expected to pass during what they dubbed “crypto week.”
The House is set to vote on a series of high-stakes bills backed by the cryptocurrency industry, after top Republicans brokered a deal with a group of dissenters in their ranks.
The House of Representatives voted to regulate digital currencies and protect their owners on Thursday during what many lawmakers called "crypto week."
The House narrowly passed an earlier procedural vote to reopen a motion to debate after that motion failed on Tuesday when the House Freedom Caucus voted against advancing to debate and a final vote. While the rules motion is procedural, a majority of lawmakers need to vote in favor before the House can vote on the actual bills.
The push follows a failed procedural vote in the House on July 15, which would have allowed debate on three crypto-focuse
The House is considering three bills that would regulate digital currencies. The first, the GENIUS Act, is expected to quickly pass and head to President Donald Trump's desk by Friday.
Crypto may have become part of many portfolios, but few of us use digital assets on a regular basis. Recent Motley Fool research shows that more than one in five Americans own crypto, but around a quarter of them have limited understanding of how it works. That needs to change.
The GENUIS Act, a stablecoin bill, has already passed the Senate and looks set to become the first standalone crypto measure signed into law. The market structure package called the CLARITY Act could be held up as Democrats have concerns about President Trump's growing crypto empire.