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House GOP Blocks Crypto Week Vote, GENIUS Act Faces Delay

House GOP Blocks Crypto Week Vote, GENIUS Act Faces Delay

The House Republicans failed to pass a key procedure on Tuesday, interrupting progress on the agenda for the highly anticipated “crypto weekend”.

The 196-222 vote blocked the revision of the law on engineering, the Clarity Act and the annual Bill on Defense credits. Without this adoption of rule, none of the group bills can go to debate or to a ground vote.

US Crypto Week Off on a very bad start

The reverse came from the Republican Party. The members of the House Freedom Caucus opposed the package, invoking concerns about the collapse of unrelated legislation.

The Genius Act, designed to regulate stablecoins, had bipartite support and support from the Senate and the White House. President Trump would have prioritized the bill and hopes that it be delivered as written.

The head of the majority of the room, Steve Scalizes, recognized the split.

“I was one of those who would like to see the whole package like one, but the president and the Senate really want us to deploy genius first. said Steve scalizes.

The failed vote derails what the leaders of the GOP had planned as a significant week for cryptographic policy. It also blocks action on defense expenses, which was linked to the same rule.

Republican leaders now weigh their options. They can bring the rule back to the ground later during the day, maybe around 5 p.m.

However, the path to follow remains uncertain. Leadership must now decide to lead to bills or renegotiate conditions with dissident members.

For the moment, the crypto week is blocked. The act of genius – once expected to sail – now faces an unexpected delay in the house.

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