The US House of Representatives has passed three bills designed to bolster the cryptocurrency industry through new regulations, aligning with President Donald Trump’s vision of positioning the US as the world’s ‘crypto capital’. One of the bills focuses on regulating stablecoins, a type of cryptocurrency designed to maintain a stable value by being pegged to assets like the US dollar. This bill had previously secured bipartisan approval in the Senate and is now headed to President Trump for consideration.
The remaining two bills, which include broader legislation to establish a new market structure for cryptocurrency and a bill to prohibit the Federal Reserve from issuing a central bank digital currency, will now move to the Senate for further deliberation. The stablecoin bill aims to introduce initial safeguards and consumer protections for this type of cryptocurrency, reducing price volatility through its connection to stable assets.
Despite President Trump’s declaration of ‘crypto week’, the bills faced a delay of over a day due to disagreements among House Republicans regarding the optimal approach to combining the legislation. Ultimately, Republican leaders opted to hold separate votes on the three bills. The internal disagreements among House Republicans may indicate potential obstacles for more comprehensive cryptocurrency legislation, even with significant industry investment. The future of the remaining two bills in the Senate remains uncertain.
