The Congress became a political centerpiece on Tuesday July 15 after 12 Republicans failed a procedural vote on several legislation related to the crypto. What had started as a week of positive crypto for President Donald Trump became sour after the congress reported different interpretations of certain clauses, especially in the engineering law, which was supposed to provide clear rules for the stablecoins.
Of the total votes, 196 members of the House voted for the bill to continue while 223 members, the majority, including the Democrats, voted against the debate of the legislation. As a result, the room is stopped and a blow for President Trump and the wider Republicans.
In addition, the vote has just concluded the congress from debating and finally voting on the bill later this week.
What did not go wrong at the congress with the law on engineering law?
According to Eleanor Terrett, the Republicans who voted against the Act on Engineering argued that the bill could have been built to secretly allow the Federal Reserve to introduce a CBDC.
The political divide, in particular within the Republican Party led by President Trump, is a hard blow at a time when the margins with the Democratic Party are thin. In addition, President Trump was in Loggerheads with Elon Musk, who recently created the America party, after an ideological contrast.
The Trump administration prompted the Chamber to adopt the law on engineering to help compete with China and other global markets. In addition, the cryptography market has an increasing influence among young voters, who had a huge impact during the previous presidential election.
As this is a story in development, closely monitor the update of the room and President Trump tomorrow. In addition, the result will probably have an impact on the volatility of cryptography in the coming days.
