House Republican leaders’ plans to advance three industry-backed cryptocurrency regulatory measures have encountered unexpected resistance, as GOP conservatives broke ranks with President Donald Trump on the proposed legislation. A faction of Republican hardliners is insisting on alterations to a Senate-approved stablecoin regulation bill, despite previous efforts by House leaders to prevent amendments. Representatives Marjorie Taylor Greene of Georgia and Tim Burchett of Tennessee are among the conservatives pushing for these changes.
Greene, a Trump ally, has stated her intention to amend the stablecoin legislation to incorporate a provision that would prohibit the Federal Reserve from issuing a digital currency. The House was initially scheduled to vote separately on legislation addressing this issue. Combining the two measures would necessitate a new Senate vote on the stablecoin bill, potentially delaying its passage and preventing it from reaching President Trump for his signature.
Republican GT Thompson, who chairs a key committee, noted that the White House leadership is actively trying to garner support for the bills. This came after the House voted against proceeding with consideration of the crypto bills. Trump had previously expressed his support for the legislation on his social media platform, Truth Social, urging Republicans to vote in favour of the bills.
Following the failed procedural vote, GOP leaders convened in House Speaker Mike Johnson’s offices to strategise their next steps. The uncertainty surrounding the regulatory path forward for cryptocurrencies has impacted the market, with crypto-linked stocks such as Robinhood and Coinbase experiencing declines. Bitcoin, after reaching a new record, also saw a decrease of approximately 3 per cent. Circle Internet, which issues the second-largest stablecoin, fell 4.6 per cent. Robinhood Markets, Inc. operates a financial services platform that allows users to invest in stocks, ETFs, options, and cryptocurrencies. Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy.
