The cryptocurrency bill deadlock continues! Trump's

Source: Wall Street News

On Wednesday, a deadlock over cryptocurrency legislation among the U.S. House Republican hardliners continued, with key procedural votes pending while negotiations continued.

This week is the U.S. Congress’ "crypto week", which reviews three key cryptocurrency legislation, including the CLARITY Act and the GENIUS Act, which are supported by President Trump. Media reports said that after meeting with Trump on Tuesday night and last-minute negotiations with House leadership on Wednesday, the hardliners returned to the bill to advance, allowing the House to take a procedural first step in the relevant legislation.

But the agreement they reached was to merge the CLARITY Act, which focused on market structure, with another bill that prohibited central banks from issuing digital currencies (CBDCs), which sparked dissatisfaction among the committee members who drafted the bills.

Hardliners held closed-door talks with House Speaker Mike Johnson and members of the Financial Services Committee, the Agriculture Committee, and the conservatives on Wednesday afternoon, while Republican leaders continued to delay procedural votes. Meanwhile, the regular vote on setting the debate process for the legislation remains open.

Trump claimed that after meeting some hardlining lawmakers at the White House late Tuesday night, they had persuaded them to support the promotion of relevant legislation.

Two people involved in the negotiations but asked to be anonymous told the media that the current deadlock is: Hardliners want to ensure the passage of the CBDC ban, while committee members are concerned that attaching it to the CLARITY Act will only lead to the failure of the two bills together. A Democratic lawmaker who supports crypto legislation (asked to be anonymous) told the media that if the two bills are merged, it may lose Democratic support, jeopardizing the bill's passage in the Senate.

To this end, the parties are exploring another compromise: attaching the CBDC ban clause to another "must pass" bill, such as the annual National Defense Authorization Act or the renewal of foreign intelligence surveillance authority.

More than a dozen Republican lawmakers have not yet made a statement on the regular vote, including Agriculture Commission Chairman Thompson and Financial Services Commission Chairman Frank Hill, who were also in talks with Johnson on Wednesday afternoon.

House Majority Leader Steve Scalis confirmed to the media that leadership plans to merge the bill after separate votes; the House Rules Committee has announced a hearing Wednesday afternoon to initiate the process.

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