Crypto legislation deadlock continues, Trump's "Crypto Week" future uncertain
TechFlow Selected TechFlow Selected
Crypto legislation deadlock continues, Trump's "Crypto Week" future uncertain
Trump claimed that after a late-night meeting at the White House on Tuesday with some hardline lawmakers, he had persuaded them to support moving forward with the legislation.
Navigating Web3 tides with focused insightsBy Zhao Yuhe, Wall Street Insights
On Wednesday, a standoff among hardline House Republicans over cryptocurrency legislation continued, with key procedural votes postponed as negotiations persist.
This week marks "Crypto Week" in Congress, during which three major cryptocurrency bills—including the CLARITY Act and the GENIUS Act—are under review. All of these bills are backed by President Trump. According to media reports, after meeting with Trump late Tuesday and holding last-minute talks with House leadership on Wednesday, the hardliners returned to supporting legislative advancement, allowing the House to take the first procedural step on related legislation.
However, their agreed-upon compromise—to merge the market-structure-focused CLARITY Act with another bill banning central bank digital currencies (CBDCs)—has drawn criticism from members of the committees that drafted the original bills.
On Wednesday afternoon, the hardliners held closed-door talks with House Speaker Mike Johnson, members of the Financial Services Committee and Agriculture Committee, and other conservative lawmakers in offices outside the House chamber, while Republican leaders continued delaying the procedural vote. Meanwhile, the rule-making vote to set debate terms for the legislation remains open.
Trump claimed that after a late-night meeting at the White House on Tuesday with several hardline members, he had convinced them to back moving forward with the legislation.
Two individuals involved in the talks but speaking anonymously told media outlets that the current impasse lies in the fact that hardliners are determined to secure passage of the CBDC ban, while committee members fear attaching it to the CLARITY Act could cause both bills to fail. A Democratic lawmaker supportive of crypto legislation, also speaking anonymously, warned that combining the two measures might lose Democratic support, thereby jeopardizing Senate approval.
To resolve this, parties are now exploring an alternative compromise: attaching the CBDC ban provision to another must-pass bill, such as the annual defense authorization act or the reauthorization of foreign intelligence surveillance authorities.
More than ten Republican representatives have yet to declare their stance on the rule-making vote, including Agriculture Committee Chairman Thompson and Financial Services Committee Chairman French Hill, both of whom met with Johnson on Wednesday afternoon.
House Majority Leader Steve Scalise confirmed to media that leadership intends to pass the bills separately before merging them; the House Rules Committee has announced a hearing scheduled for Wednesday afternoon to initiate this process.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
