House of Representatives Gears Up for Crypto Showdown: Will They Pass the Big Three Bills?

After Tuesday's Stumble, GOP Scrambles to Get Back on Track

The U.S. House of Representatives is ready to take another swing at a crucial vote this Wednesday, July 16. They're aiming to finally get the ball rolling on three massive crypto bills that got tripped up by GOP hardliners just yesterday. Talk about drama!

According to the buzz on Capitol Hill, Speaker Mike Johnson spilled the beans late Tuesday, saying the Republicans are hustling to patch up their internal squabbles after that embarrassing 196-222 vote flop. It's crunch time, folks!

The bills on the table? The GENIUS Act, which wants to wrangle those wild stablecoins; the CLARITY Act, aiming to sort out whether cryptos are securities or commodities; and the Anti-CBDC Surveillance State Act, which would slam the door on a U.S. central bank digital currency. Big moves!

After the vote went belly up, Johnson was all over the press, saying the GOP was still hashing things out and answering questions left and right. He's betting big that they'll nail it on the second try. These crypto bills, he claims, are hot priorities for the White House, Senate, and House. No pressure, right?

But hold on, because those pesky internal Republican rifts are still a major headache. Some conservative firebrands are pushing to mash all three bills into one mega-package to twist the Senate's arm, especially after the Senate already gave the GENIUS Act a bipartisan thumbs up.

Yet, Johnson wasn't having it on Tuesday, insisting, "We have to do them in succession." A top Republican backed him up, warning that tying these bills together would be a total mess in the Senate, where a combo package would crash and burn faster than you can say "blockchain."

And let's not forget the Democrats, who threw a wrench in the works with their own gripes. They're worried about flimsy consumer protections and shady dealings linked to ex-President Trump's crypto ventures, like World Liberty Financial. Yikes!

The whole thing blew up during what was supposed to be "Crypto Week" on Capitol Hill. Talk about bad timing! Bitcoin (BTC) tanked below $117,000, while Coinbase and Circle took a nosedive, losing over 4% and 7% of their shares, respectively. Ouch!

The crypto world was glued to the House vote, especially after the Senate played nice with the GENIUS Act last month. Everyone's crossing their fingers that at least the stablecoin bill will make it through, but the more controversial Anti-CBDC Act might hit a wall in the Senate. It's a wild ride, and we're all buckled in!