🇺🇸U.S House of Representatives blocked three cryptocurrency bills—the Crypto Genius Act, Clarity Act, and Anti-CBDC Act—due to internal disagreements and Democratic opposition, affecting crypto stocks Circle and Coinbase, while Bitcoin stayed stable at about $117,000.
The US House of Representatives recently blocked three significant cryptocurrency bills: the Crypto Genius Act, Clarity Act, and AntiCBDC Act. The vote ended with 196 members in favor and 223 against, primarily due to Democratic opposition and some Republican dissent.
Key Aspects of the Bills:
GENIUS Act: Focuses on establishing a regulatory framework for stablecoins, defining permissible reserves and requiring regular audits. Some lawmakers oppose the bill due to lack of clarity on banning Central Bank Digital Currencies (CBDCs).
CLARITY Act: Defines digital asset commodities and divides regulatory authority between the SEC and CFTC. Critics argue it lacks sufficient protections against money laundering and terrorism financing.
AntiCBDC Act: Prohibits the Federal Reserve from issuing a retail CBDC, citing concerns over government control and surveillance.
Reasons for the Failure:
Internal Disagreement: Some Republicans, like Marjorie Taylor Greene, voted against the bills due to the absence of a complete ban on CBDCs.
Democratic Opposition: Democrats argue the bills lack sufficient protections and create openings for risky innovation.
Presidential Influence: President Trump urged Republicans to back the crypto bill, but his appeal didn't sway the outcome.$BTC
Market Impact:
Crypto Stocks: Circle and Coinbase shares dropped nearly 10% and 6%, respectively, after the bills failed.
Cryptocurrency Prices: Bitcoin remained stable around $118,800, while Ethereum traded above $3,170.