In short
- Thirteen Republicans voted against an important rule on Tuesday, for fear that the Genius Act could make a digital currency of the central bank possible, even with an anti-CBDC invoice.
- President Trump met 11 of the Gop-Holdouts on Tuesday evening and announced that they agreed to support the rule in a revote, so that the bills were put back on track.
- Democrats and Defi experts say that genius and clarity laws can lead to legal scope, suffocate the suffocation of innovation and centralized players at the expense of open crypto systems.
President Donald Trump gathered back in line on Tuesday evening after a procedural uprising had derailed almost large crypto accounts earlier in the day.
The house voted Tuesday 196-223 against a procedural rule, during what the administration called “Crypto Week”, which would have allowed the Stablecoin-oriented Genius Act, the Market Defining Clarity Act and the Anti-CBDC Surveillance State Act to continue to Vloerdebat.
The late turnaround came after Trump personally met a few house republicans who had blocked the progress of the accounts, causing their dedication to vote in Favor of the procedural rule Wednesday morning.
“I am in the Oval Office with 11 out of 12 Congressmen/Women who are needed to take on the Genius Act and after a short discussion they all agreed to vote for the rule tomorrow morning,” Trump wrote about truth social Shortly before 9 p.m. et.
Many of the members of the house who voted against the bills had concern that the brilliant action Would be the possibility of being open to a digital currency of the central bank, despite the language in the bill that the Federal Reserve is probably forbidden to create one.
The Republican “no” votes include reps. Ann Paulina Luna (Fla.), Scott Perry (Pa.), Chip Roy (Texas), Victoria Spartz (Ind.), Michael Cloud (Texas), Andrew Clyde (Ga.), Eli Crane (Ariz.), Andy Harris (Md.), Marjorie Tayettett (Ga.) (Ga. Keith Self (Texas) and Andy Biggs (Ariz.).
“I just voted for the rule for the Genius Act because it does not contain a ban on digital currency of the central bank and because the speaker Johnson did not allow changes to be submitted to the Genius Act,” Rep. Green written On X.
Stablecoins: a path to CBDCs?
Despite the language in the Genius Act, Kadan Stadelmann, Chief Technology Officer on Komodo Platform said, that “does not include facilities that the Federal Reserve explicitly prevents a CBDC to create.”
“There is also a chance for the Ministry of Finance to experiment with CBDCs, and the legislation does not prevent that,” he said Decrypt.
Trump had personally defended the legislation And at Republicans, it was necessary to vote ‘Yes’ earlier Tuesday, and said that the bill of America would make the “undisputed, number one leader in digital assets”.
Stadelmann criticized the genius law as “Regulatory Remreach, further entrenching Fiat and bank interests.”
He told Decrypt Die Stablecoin Regulation “Risks the conversion of stablecoins into de facto CBDCs” and warned that “the US movement to regulate Stablecoins risks state interference in a market that functions well without the government being exaggerated.”
“Instead of concentrating on regulating Stablecoins, Trump must be laser -oriented on a Bitcoin Treasury,” said Stadelmann and noted that “Bitcoin is about dependence on independent systems rather than ways of transactions mandated by the government.”
The legislation has confronted continuous criticism Of Democrats with Rep. Maxine Waters (D-Calif.) Says that the hanging crypto legislation “will open the locks for massive fraud and financial fall for millions of American families.”
Defi policy experts and market leaders too criticized the Clarity Acttelling Decrypt Earlier that the bill “could decimate the new Defi sector in America” and would “continue the trend of forcing Defi developers abroad”.
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