Trump claimed that after meeting with some hardline lawmakers at the White House late Tuesday night, he had persuaded them to support advancing the relevant legislation.
Written by: Zhao Yuhe, Wall Street Insights
On Wednesday, the deadlock among hardline Republicans in the U.S. House of Representatives regarding cryptocurrency legislation continued, with key procedural votes being postponed while negotiations were ongoing.
This week is "Crypto Week" in the U.S. Congress, reviewing three key pieces of cryptocurrency legislation, including the CLARITY Act and the GENIUS Act, all of which have the support of President Trump. Media reports indicate that after meeting with Trump on Tuesday night and engaging in last-minute negotiations with House leadership on Wednesday, these hardline lawmakers returned to the camp supporting the advancement of the bills, allowing the House to take the procedural first step on the relevant legislation.
However, the agreement they reached was to merge the market structure-focused CLARITY Act with another bill that prohibits central bank digital currency (CBDC), which has caused dissatisfaction among committee members who drafted these bills.
On Wednesday afternoon, hardline lawmakers held closed-door talks with House Speaker Mike Johnson and members of the Financial Services Committee and the Agriculture Committee, along with these conservative lawmakers, in an office outside the House chamber, while Republican leaders continued to delay the procedural vote. Meanwhile, the procedural vote to set the debate process for the legislation remains open.
Trump claimed that after meeting with some hardline lawmakers at the White House late Tuesday night, he had persuaded them to support advancing the relevant legislation.
Two individuals involved in the negotiations, who requested anonymity, told the media that the current deadlock lies in the hardliners wanting to ensure the passage of the CBDC ban, while committee members are concerned that attaching it to the CLARITY Act would only lead to the failure of both bills. A Democratic lawmaker supporting cryptocurrency legislation (who requested anonymity) told the media that merging the two bills could potentially lose Democratic support, jeopardizing the bill's passage in the Senate.
To this end, all parties are exploring another compromise: attaching the CBDC ban provisions to another "must-pass" bill, such as the annual defense authorization bill or the reauthorization of foreign intelligence surveillance powers.
Currently, more than a dozen Republican lawmakers have yet to express their stance on the procedural vote, including Agriculture Committee Chairman Thompson and Financial Services Committee Chairman French Hill, both of whom were also in discussions with Johnson on Wednesday afternoon.
House Majority Leader Steve Scalise confirmed to the media that the leadership plans to merge the bills after they are voted on separately; the House Rules Committee has announced a hearing on Wednesday afternoon to initiate this process.
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