The House of Representatives called off Tuesday’s votes on pivotal cryptocurrency bills, citing a procedural failure.
What Happened: A procedural vote intended to advance key cryptocurrency legislation failed, resulting in the suspension of further votes scheduled for Tuesday, as reported by The Block. Earlier, the House voted 196 to 223 against proceeding with the voting on three bills scheduled for this week.
No additional votes are anticipated for Tuesday, as per the House Press Gallery website.
The House was poised to examine the GENIUS Act, also known as the stablecoin bill, and the CLARITY Act, known as the crypto market structure bill, during the so-called “Crypto Week.”
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 USDT/USD and USDC USDC/USD. The Clarity Act, on the other hand, proposes to split cryptocurrency oversight between the SEC and the CFTC.
See Also: Bitcoin Shatters All-Time High To Hit $123,000 As Ethereum Cracks $3,000 And XRP Taps $3
Why It Matters: The halt came after President Donald Trump wished everyone a "Happy Crypto Week” and urged all Republicans to support the GENIUS Act to make the U.S. the undisputed leader in digital assets.
Rep. Maxine Waters (D-Calif.), senior Democrat and ranking member of the House Financial Services Committee, expressed strong disapproval of the CLARITY Act and the GENIUS Act. She warned that their passage could lead to massive fraud and repeat past deregulatory mistakes that led to financial crises.
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