Crypto Week: Donald Trump Assures House Vote Today, Here's A Look At The Three Bills Under Consideration...

(MENAFN- Live Mint) United States President Donald Trump on July 15 assured that the stalled 'Crypto Week' legislation, will pass the US House of Representatives vote on Wednesday morning (July 16).

The GENIUS Act hit a snag after a few Republican lawmakers joined with Democrats to block the procedural vote, according to reports.

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In a post on his social media platform Truth Social, Donald Trump said,“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule.”

“Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the Vote as early as possible. I want to thank the Congressmen/women for their quick and positive response. MAKE AMERICA GREAT AGAIN!” he added.

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House Republicans had billed this week as“Crypto Week” and were keen to advance a numbers of bills that provide clarity and legitimacy to the cryptocurrency sector.

However, 13 Republicans joined with Democrats to block the vote for consideration of three crypto bills , over disagreements on the measures and how they are applied, Reuters and AP reported.

Speaking to reports, Mike Johnson said that he planned to continue discussing the matter with members and hoped to vote on it again shortly, Reuters report said.

“We expected there might be some 'no' votes, but we thought it was important to put it on the floor to advance it because time's of the essence on this. So stay tuned. We'll have lots of discussions over the next few hours,” Johnson said, AP reported.

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• One bill seeks to regulate stablecoins. These are a kind of cryptocurrency token pegged 1:1 to the US Dollar).
• Another bill seeks to define when a crypto token is a commodity, with measures aimed at addressing the crypto market structure.
• The third bill looks at prohibiting the US Federal Reserve from issuing a central bank digital currency as Republicans feel it would give the government“too much control over Americans' personal finances”, the report added.

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According to AP, the disagreement from Republicans were centered around how the three bills would be passed. Mike Johnson told reporters that“some of these guys insist that it needs to be all in one package.”

However, the report noted that packaging the bills would require them to be sent back to the Senate, since the chamber has only taken up one of the three bills so far. Notably, the Senate tooks months to pass the current versions.

(With inputs from Reuters and AP)

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