US House Blocks Crypto Bills Over CBDC Fears
US House fails to pass crypto bills as GOP raises concerns about CBDCs. Trump hints at another vote after Oval Office talks.
- US House halts crypto bills over CBDC concerns
- Trump expects new vote after high-level talks
- GOP wants clear restrictions on digital dollar
This week, the US House of Representatives failed to move forward on two major crypto bills — the GENIUS Act and the CLARITY Act — after a procedural vote was blocked. The main issue? Several Republican lawmakers objected over fears related to central bank digital currencies (CBDCs).
CBDCs are government-issued digital versions of money. Some GOP members see them as a threat to privacy and financial freedom. They worry the federal government could use a digital dollar to monitor or control personal transactions.
Trump Expects Another Vote Soon
Despite the failed vote, former President Donald Trump says the crypto bills may get another shot. He hinted at renewed efforts following Oval Office discussions. While Trump isn’t currently in office, his comment highlights his increasing involvement in shaping the GOP’s stance on crypto regulation.
The GENIUS and CLARITY Acts aim to provide clearer legal paths for blockchain projects and digital assets in the US. Crypto leaders warn that without such rules, the US risks falling behind in global crypto innovation.
GOP Wants Stronger Anti-CBDC Language
The biggest demand from Republicans is clear: they want strong, direct language banning or restricting the development of a US digital dollar. Without that, many are unwilling to support the legislation.
The divide in the party reflects a broader debate — how to promote innovation while protecting privacy. As crypto becomes a bigger political issue ahead of the 2024 election, more talks are expected to shape the future of US crypto laws.
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