Crypto Bills Take a Hit in Congress

In a surprising turn of events, several cryptocurrency regulation bills supported by former President Donald Trump faced a setback in the House of Representatives. The bills did not gain enough support to proceed to the next stage, with a vote tally of 196 in favor and 223 against. This outcome was unexpected, as the bills were widely anticipated to pass.

A Rare Defeat for House Republicans

The failure to advance these bills marks a rare occasion where House Republicans did not align with Trump's wishes. The vote took place during what was dubbed "Crypto Week," adding to the significance of the event. The decision to hold another vote on the same day was abruptly canceled by House Republican leadership, leaving the future of the legislation uncertain.

Market Reaction and Industry Impact

Thirteen Republicans joined Democrats in opposing the legislation, contributing to its defeat. It remains unclear whether a second vote will occur and if the bills will undergo any modifications to address the concerns of those who voted against them. The impact of this setback was immediately felt in the market, as crypto-linked stocks experienced a decline following the vote.

Uncertain Future for Crypto Regulation

The cryptocurrency industry had been closely watching the progress of these bills, as they were seen as a significant step towards regulating the rapidly growing sector. The failure to advance these bills raises questions about the future of cryptocurrency regulation and the industry's role in the broader economy.