by Yash Roy
Republican conservatives dropped a two-day blockade of industry-backed crypto bills, opening the way for House votes on a series of measures backed by President Donald Trump.
The hardliners ultimately gave way after facing pressure from Trump on Tuesday, who has embraced digital assets and been promoting the upcoming votes as “Crypto Week.”
Still, House leaders had to hold open a procedural vote for hours Wednesday as they continued to work to resolve the impasse, breaking the chamber’s record for longest vote ever.
Enough conservatives ultimately joined other Republicans to approve a procedural step needed to begin consideration of the crypto bills, including Senate-passed stablecoin legislation that industry backers hope will promote wider use of dollar-denominated digital tokens.
House leaders convinced holdouts to advance the stablecoin bill after giving them assurances that a measure prohibiting the Federal Reserve from issuing digital currencies would be added to a defense authorization package later this year, House Speaker Mike Johnson said.
“This breaks the logjam — allows us to get our work done,” Johnson said. “Sometimes it takes longer than at other times, but it’s all part of the process.”
The House is also set to vote on industry-backed legislation that would set broader market structure rules for crypto. That bill also needs Senate approval.
The stablecoin legislation passed the Senate last month with broad bipartisan support and will go to Trump for his signature if it passes the House. It sets regulatory rules for dollar-backed stablecoins, including a requirement for firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators.
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