US Virtual Asset Bills Ultimately Fail to Pass House Today...Re-vote Attempt Expected This Week

YM Lee

Summary

It was reported that the virtual asset bill failed to pass the US House of Representatives.
The bills are scheduled for another re-vote process within this week.
Issues surrounding CBDC provisions have become a key point of contention, and the outcome of the vote remains uncertain.

The virtual asset (cryptocurrency) bills that drew significant market attention ultimately failed to pass today’s vote in the US House of Representatives. These bills are expected to undergo another voting procedure within this week.

According to The Block on the 16th (local time), the House held procedural votes on the comprehensive stablecoin bill 'GENIUS Act', the comprehensive digital asset regulation 'Clarity Act', and a bill to prohibit the issuance of CBDC, as part of the 'Crypto Week' initiative. However, these ultimately failed.

Immediately after the failed vote, a House official stated that another vote would begin later today, but it is unlikely to proceed. The main reason for the failure of the procedural vote was that many Republican members, including Marjorie Taylor Greene, Chip Roy, and Michael Cloud, voted against the bills, demanding a revision of the CBDC-related provisions.

Representative Greene commented after the vote, "The current GENIUS Act does not include a prohibition on central bank digital currencies. Speaker Johnson did not allow any amendments to the GENIUS Act. Americans do not want a government-controlled central bank digital currency," expressing opposition.

A House official forecasted, "The Clarity Act is expected to pass tomorrow, Wednesday, and the GENIUS Act the following day, Thursday, but nothing is certain yet."