Trump-Backed Crypto Bills Stalled in House Vote
A crucial procedural vote in the U.S. House of Representatives has dealt a blow to the cryptocurrency industry, as several bills supported by former President Donald Trump failed to advance on Tuesday.
Setback for "Crypto Week"
The failed vote undermines hopes for legislative victories during what had been designated "Crypto Week." The initial vote concluded with 196 in favor and 223 against, with 13 Republicans joining Democrats to block the procedural motion, according to NBC News reports.
Future of the Legislation
House leadership is reportedly considering another vote later in the day to push the legislation forward. It remains unclear whether this second attempt will present the same bills and rule or if Republican leaders will modify the package to garner wider support.
Trump's Endorsement
Earlier on Tuesday, Trump publicly endorsed the bills on Truth Social, urging all House Republicans to vote “yes.” He emphasized the importance of the legislation for solidifying America’s position as the global leader in digital assets, outstripping nations such as China and Europe. He also noted that "Digital Assets are the FUTURE."
Market Reaction
The vote result immediately impacted crypto-linked stocks, with shares of Circle, Coinbase, and MARA Holdings all experiencing declines.
