Republicans are still planning to pass three pieces of crypto-related legislation, but a majority of members in the House voted against a resolution to consider the bills.
Cryptocurrency-related bills backed by US President Donald Trump failed to clear a key procedural step in the House of Representatives on Tuesday, despite the president’s public push for action.
Trump had urged Republican lawmakers to “get the first vote done this afternoon” on legislation to regulate payment stablecoins as part of a larger effort to pass crypto legislation before the August recess.
In a Tuesday post on his social media platform Truth Social, Trump ordered all Republicans to vote yes on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, a bill designed to regulate payment stablecoins in the US.
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