A day after President Donald Trump stepped in to save the project, the Republican-controlled U.S. House of Representatives cleared significant procedural obstacles on crypto legislation on Wednesday, opening the door for the first federal law about digital assets.
Following nearly nine hours of secret discussions, leaders attempted to persuade senators who were dubious about the package’s design to support the votes.
In a landmark win for the cryptocurrency sector, a measure to create a legislative framework for stablecoins is likely to be the first to pass.
The Senate has already given its approval, and if the House does as well, Trump will sign it.
Crypto traders frequently utilize stablecoins, a kind of cryptocurrency created to maintain a steady value, typically a 1:1 dollar peg, to transfer money.
Since they provide quicker and less expensive transaction charges than transferring funds through a bank, they have become increasingly popular in recent years.
A bill to provide market structure guidelines for cryptocurrency goods, including defining when they are commodities exempt from Securities and Exchange Commission regulation, is also scheduled to be considered by the House, in addition to stablecoins.
A similar measure has not yet been taken up by the Senate.
The third bill, which is heavily supported by conservatives, would forbid the Fed from creating its own digital money.
A Fed digital currency, according to some Republicans, might give the government excessive power over the financial lives of Americans.
Current federal officials have stated that they are not considering launching such a project.
As part of the broader arrangement, House Majority Whip Tom Emmer stated on X late Wednesday that the third item would be tacked on to a different defense authorization package.
On Tuesday, several conservative Republicans joined Democrats in blocking an earlier procedural vote, which dealt a blow to House Republicans’ efforts to move the proposals forward.
Trump, however, met with the dissenters and cleared the path for Wednesday’s vote.
Republican leaders had to spend hours persuading conservative senators to allow the initiatives to move forward, and even after those discussions, the ensuing procedural votes needed to debate the legislation proved contentious.
A few members have opposed attempts to take a separate look at the three primary pieces of crypto legislation.
