“Crypto Week” on Capitol Hill is in doubt as a group of republican Holdouts negotiates with the leadership of the room on the concerns they have with the language on digital assets.
At 6 p.m., a key procedural vote to advance three bills related to cryptocurrency had been held open for more than four hours while legislators worked to codify a ban on digital currencies from the Central Bank.
More specifically, the vote consists in advancing a bill on the credits of the Ministry of Defense grouped with three Crypto measures: the Clarity Act, the anti-central law of the supervisory of the digital currency of the bank and the law of guide and establishment of national innovation for the stablescoins American, or genius, the law.
The delay launched a new key in a dead end that many expected that President Donald Trump met the selected at the White House on Tuesday evening. But while the afternoon turned in the evening, there were still nine “no” votes on the board of directors, enough to disembark the legislation.
The president of the House Mike Johnson (R-La) and the members of his conference met throughout the day to discuss their concerns, mainly a provision assets wish to add who contains a language explicitly prohibiting the CBDC.
A CBDC is a form of digital currency issued by a central bank, such as the federal reserve. If there was a national CBDC, consumers could use digital money issued directly by the central bank and physical money such as species.
Supporters of a CBDC argue that a centralized dollar would help prevent banking bangs and increase efficiency. However, criticisms, such as the Conservative Caucus Freedom Caucus, say that this would give the Fed too much power or raise the concerns of the fourth amendment surrounding access to individual accounts.
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Essentially, the group of legislators is hosting the entire legislation in their attempt to obtain a written CBDC prohibition.
If a negotiation is finalized and the procedural vote passes Wednesday evening or early Thursday morning, the House could vote on the legislation of the cryptography itself later this week.
