Cryptocurrency Legislation Faces Hurdle in Congress
The future of cryptocurrency legislation in Congress faces uncertainty after a procedural vote to consider the measures failed. Despite House Republicans designating it as "Crypto week" to advance related bills, disagreements arose over packaging and consideration, stalling progress. Efforts to resolve the issue continue.
The trajectory of the much-anticipated cryptocurrency legislation in Congress has been thrown into uncertainty following a failed procedural vote on Tuesday. The setback arose as several conservative Republicans sided with Democrats, effectively blocking the vote needed to consider the proposed measures.
This week, labeled "Crypto week" by House Republicans, was intended to push forward various bills aimed at clarifying regulations for the digital asset industry and legitimizing the sector. However, disagreements over how these measures should be grouped and reviewed have delayed progress.
In light of the impasse, House Speaker Mike Johnson reassured reporters of his intention to continue engaging with members to address the concerns and aimed to revisit the vote soon.
(With inputs from agencies.)
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