Trump, Crypto and three bills
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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.
A trio of cryptocurrency bills that had been expected to pass the House this week stalled on Tuesday after a bloc of Republicans unexpectedly joined with Democrats to prevent the legislation from coming up for debate and votes.
The crypto sector's market value hit $4 trillion on Friday, according to CoinGecko, marking a milestone that reflects its shift from a nascent asset class to a central part of the global investment landscape.
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 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.
A political standoff has delayed a House vote on cryptocurrency legislation as Republicans struggle with timing constraints and internal disagreements over the GENIUS and Clarity acts.
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.