On July 17, according to reporter Eleanor Terrett, the US House of Representatives passed a procedural vote with a slim margin of 217-212, paving the way for key bills on cryptocurrency and defense spending. This vote lasted nearly 10 hours, setting a record for the longest vote in the US House of Representatives.
Some Republican lawmakers changed their stance multiple times within 24 hours, from opposing to supporting, then opposing, and finally supporting. After the procedural vote passed, House leadership promised to include anti-CBDC (Central Bank Digital Currency) provisions in the National Defense Authorization Act (NDAA).
The GENIUS bill and potentially the CLARITY bill could be submitted to Congress for final voting as early as tomorrow. The GENIUS bill is seen as an important step in modernizing financial regulation, including strict reserve requirements for stablecoin issuers and provisions limiting CBDC development.
