House of Representatives plans to advance three cryptocurrency bills

The House of Representatives originally voted for a procedural motion on Tuesday (15th) but was frustrated, breaking the longest voting record in the House of Representatives. This is because several conservative lawmakers and Democratic lawmakers have joined forces to block the bill. Trump then held closed-door talks with opposition lawmakers, which led to the successful passage of the motion to revote procedure on Wednesday.

Stablecoins are a type of cryptocurrency with a relatively stable value anchored by the US dollar. They are widely popular in the market due to their low transaction costs and fast transfers.

The other two bills clarify the market structure of crypto assets, including defining which cryptocurrencies are commodities rather than securities, and prohibiting the Federal Reserve from issuing central bank digital currency (CBDC). Among them, the CBDC ban bill is supported by conservative lawmakers who are worried that the central bank's digital currency will allow the government to control too much public financial information.

After U.S. President Trump brokered, the U.S. House of Representatives voted to pass a procedural motion on Wednesday (July 16), which will advance three legislation involving cryptocurrencies. This is a major progress in the US digital asset industry's efforts to make clear regulation at the federal level.

House Republican leader said the CBDC bill would be processed in exchange for opponents to support the overall compromise plan.

The first bill involves a stablecoin regulatory framework. The bill has been approved by the Senate and will be submitted to Trump for signature if the House of Representatives passes it.