Republican House Speaker, Mike Johnson, expressed his eagerness to push forward a procedural vote for the bills on Wednesday. He highlighted the importance of these cryptocurrency bills to the White House, the Senate, and the House, as reported by Politico.

A faction of Republicans sought to modify or consolidate the GENIUS Act, which regulates stablecoins, with two other crypto bills scheduled for a vote this week. These include the Anti-CBDC Surveillance Act, which bans CBDCs, and the CLARITY Act, an extensive crypto market structure bill. Johnson, however, emphasized the need for these bills to be passed sequentially, hinting that the Senate might not approve the bills if bundled together.

The ‘Crypto Week’, a Republican initiative aimed at implementing crypto laws before the Congress’ month-long break in August, is driving the push to pass these bills. Conversely, Democrats have declared an “anti-crypto corruption week” in opposition to the proposed legislation.

Following Tuesday’s vote, Representatives Biggs, Burchett, Green, Luna, and Spartz clarified that while they were not against the crypto bills, they were unwilling to support the GENIUS Act unless it incorporated a specific CBDC ban.

Speaker Johnson is reportedly in talks with the dissenting Republicans to push the legislation forward. However, he admitted that the demand of the ‘no’ voters to merge the three crypto bills into a single package is a point of dispute.

The House is due to reconvene on Wednesday for a morning debate and other legislative activities. Despite the initial failure to pass the legislation, Caitlin Long, founder and CEO of Custodia Bank, reassured that there’s no cause for alarm, citing the GENIUS Act’s initial failure in the Senate as an example.

In conclusion, the GENIUS Act, which initially failed a cloture vote in the Senate due to Democratic opposition, later passed through the Senate with bipartisan support in June.

The post US House GOP Eyeing Swift Reconsideration of Crypto Legislation Amid CBDC Controversy appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

After securing a win against ex-New York Governor Andrew Cuomo in the Democratic primary on Tuesday, Mamdani, a member of the New York State Assembly, will be competing against Republican candidate Curtis Sliwa, incumbent NYC Mayor Eric Adams, and allegedly Cuomo himself, who is said to be running as an independent following his primary defeat.

Interestingly, all major candidates, apart from Mamdani, have expressed support for the cryptocurrency industry in the past. Adams, who first ran for mayor in 2021, even committed to accepting his first three salaries in Bitcoin (BTCUSD) and has been a vocal proponent of crypto, advocating for BTC-backed municipal bonds and hosting a digital asset summit at the mayoral mansion.

Despite trailing in the polls, Sliwa ran a pro-crypto campaign in 2021, with promises to increase the number of crypto ATMs throughout New York City and encourage local businesses to accept digital assets.

Cuomo, on the other hand, reportedly provided advisory services to cryptocurrency exchange OKX in 2021, during a period when the company was under investigation by US authorities for running an unlicensed money-transmitting business. The exchange was ultimately fined $505 million. Mamdani has publicly criticized Cuomo’s association with the exchange.

Since his primary victory, Mamdani has faced opposition from notable figures in the crypto industry, including Gemini co-founder Cameron Winklevoss. His brother Tyler Winklevoss even suggested financially supporting a candidate who could defeat Mamdani.

The outcome of the November election could significantly impact New York City’s crypto policies. As a major business hub in the US, the city is home to several crypto firms, including stablecoin issuers Paxos and Circle, cryptocurrency exchange Gemini, and payments company MoonPay. Regardless of the criticism, any future NYC mayor looking to bring about change would likely only be able to exert political pressure on the state’s legislators.

The post Crypto Supporters See NYC Mayoral Race as Potential Game Changer appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

“The original intent of cryptocurrency was to return power to the people. Establishing an Irish Bitcoin reserve would empower the people’s money,” McGregor stated on May 9.

McGregor, who previously dominated the UFC, plans to expand on his Bitcoin reserve proposal during an upcoming online discussion. His comments have already attracted attention from key figures in the Bitcoin industry.

In response to Anthony Pompliano, host of The Pomp Podcast, McGregor tweeted, “We need the best minds for this Bitcoin Reserve initiative. Reach out to me and let’s talk in my space.”

David Bailey, one of the crypto advisors to former US President Donald Trump, also expressed interest, with McGregor inviting him to share his ideas.

McGregor declared his independent candidacy for the Irish presidency in late March 2025, with his campaign focusing on anti-immigration policies and crime reduction. The next presidential election in Ireland is due by November 11, 2025, when the term of the current President, Michael D. Higgins, will end.

However, establishing a Bitcoin reserve, especially from a minor, independent party, is not an easy task. Only a few countries, including the US, El Salvador, and Bhutan, have managed to create a Bitcoin reserve, despite recent regulatory advancements.

McGregor’s political prominence has been buoyed by a recent visit to the White House where he received an endorsement from Trump. However, McGregor is facing intense scrutiny in Ireland following a sexual assault conviction in a civil case, which he is currently appealing. He has also previously been investigated for hate speech crimes.

McGregor’s latest crypto project failed to generate the necessary funding in its token launch pre-sale, leading to a full refund to all token bidders. The project, Real World Gaming, raised only $392,315 over a 28-hour pre-sale on April 5 and 6, falling short of the $1 million minimum requirement.

The post Former UFC Champion Conor McGregor Advocates for Irish Bitcoin Reserve Amidst Presidential Campaign appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Paetongtarn, the Thai PM, is expected to weather the no-confidence motion. The opposition is now questioning the Prime Minister’s validity and the effectiveness of his policies.

Thaksin, the PM’s father, has officially retired but continues to maintain a prominent public presence. This has stirred controversy and brought the Prime Minister’s legitimacy into question.

To stay updated on this developing story, consider creating a free account or logging in if you already have one.

The post Thai Prime Minister Under Scrutiny as Opposition Highlights Parental Influence appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

IRS Under Fire

Musk called the IRS “a mess” and cited its inefficiency and scandals as reasons to overhaul its operations. Proposals include introducing a free tax filing app, conducting a comprehensive audit, and addressing what he described as “administrative overgrowth”.

To gauge public opinion, Musk conducted a poll on X (formerly Twitter), asking users about the IRS budget. Of the respondents:

• 60.6% voted to delete the IRS budget.
• 29.9% supported decreasing it.
• 5.6% favored an increase.
• 3.9% preferred no changes.

The IRS recently requested an additional $20 billion, fueling further criticism of its spending habits.

Broader Agency Cuts

The D.O.G.E. team also has its sights on other federal agencies. Musk suggested eliminating the Consumer Financial Protection Bureau (CFPB), citing concerns over its necessity. Meanwhile, Ramaswamy pushed for significant cuts to the Department of Education, aligning with President-elect Donald Trump’s long-standing call to dismantle the department.

Even the Department of Defense is not spared from scrutiny. Ramaswamy highlighted $125 billion in annual bureaucratic waste within the Pentagon. However, the $3.6 billion defense contract with Musk’s SpaceX appears unaffected by these proposed cuts.

Critics argue that D.O.G.E. itself might overlap with existing agencies, questioning its role in achieving true efficiency.

Musk’s Influence on Dogecoin

Interestingly, D.O.G.E.’s name references Dogecoin, reflecting Musk’s influence in Trump’s administration. Following Trump’s election win, Dogecoin’s value surged due to Musk’s involvement in the government and his history of promoting the cryptocurrency. Reports suggest Musk’s mere mention of D.O.G.E. in campaign discussions has boosted Dogecoin’s market value, highlighting the link between political developments and cryptocurrency trends.

The post Elon Musk’s D.O.G.E. Targets IRS: Bold Plan to Slash $2 Trillion from Federal Spending appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.