In a setback for the crypto industry, a preliminary voting procedure in the US House of Representatives, intended to set the stage for the passage of critical cryptocurrency bills, didn’t receive the required support. The voting, which took place on Tuesday, saw 196 lawmakers in favor versus 223 against the consideration of three key crypto bills scheduled for voting this week.
A spokesperson for the House confirmed that another attempt will be made at 5 p.m. ET. Another insider also echoed these sentiments. This comes during what’s being dubbed as the “Crypto Week”, where the House was planned to review the Guiding and Establishing National Innovation for U.S. Stablecoins (“GENIUS”) Act and the Digital Asset Market Clarity (“Clarity”) Act.
The GENIUS Act, which has already won Senate approval, necessitates that stablecoins be fully backed by U.S. dollars or similar liquid assets. It further imposes yearly audits for issuers with a market cap exceeding $50 billion and lays down regulations for foreign issuance. This bill could potentially reach the President’s desk by week’s end.
On the other hand, the Clarity Act aims to set a comprehensive regulatory framework for cryptocurrencies. It outlines how the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission will oversee the industry and mandates digital asset firms to offer retail financial disclosures and keep corporate and customer funds separate.
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