US President Donald Trump intervened in a voting crisis that cast uncertainty over the fate of long-awaited cryptocurrency legislation, brokering a compromise among Republican lawmakers.
After the failed vote in the House of Representatives on Tuesday, cryptocurrency company shares fell, but Trump announced in the evening that he had met with 11 of the 12 key members of Congress in the Oval Office and that, “After a brief meeting, they all agreed to vote in favor tomorrow morning.”
This week, declared “Crypto Week”, a series of bills aimed at bringing clarity and legitimacy to the digital asset sector are scheduled to be voted on.
However, some conservative Republicans, along with Democrats, temporarily blocked the process with objections to how the bills should be handled. The most critical bill in House aims to create a regulatory framework for stablecoins. Other bills are also on the agenda, defining whether a token is a commodity or a security and aiming to ban central bank digital currency. These steps, not yet debated in the Senate, could bring a historic victory to the crypto sector if they are implemented.
