๐ฅ Breaking.. The U.S. House of Representatives fails to pass the stablecoin bill "GENIUS" ๐ฅ
"Crypto Week" ambitious for President Donald Trump suffered a severe blow ๐, on Tuesday, as the House rejected a crucial procedural vote on the stablecoin bill "GENIUS".
The vote ended with 196 votes against 223 ๐ณ๏ธ, with a surprising split of 13 Republicans from the party joining the Democrats ๐คฏ, failing to pass the bill, which hindered one of Trump's key efforts to make America a global leader ๐ in the cryptocurrency space.
This rare challenge to Trump, previously issued via Truth Social ๐ฃ, left the cryptocurrency sector in a state of instability ๐, as House leadership rushed to set a date for a second vote later โณ.
This setback highlights the growing tensions within the Republican Party regarding the administration's relations with cryptocurrencies ๐ .
This failure comes amid high stakes โ ๏ธ, as Trump hailed the "GENIUS" bill as a turning point ๐ in a morning post on "Truth Social".
He wrote: "The House will soon vote on a massive bill to make America the undisputed leader in digital assets" ๐บ๐ธ, urging all Republicans to vote yes ๐.
He praised the bill, considering it places the United States "light-years ahead of China, Europe, and all other countries" ๐, putting digital assets at the heart of its future ๐.
Source: THE HILL ๐ฐ
