The House of Representatives passed three bills aimed at bringing legitimacy to the digital currency market, following significant investments from crypto executives in Donald Trump. While some Republicans initially blocked advancement, Trump's discussions led to securing necessary votes. One bill is already going to Trump's desk, amidst criticism that these measures could benefit Trump's family and empower the industry excessively. Following a prolonged conflict with the Biden administration over cryptocurrency policy, the industry is optimistic about finally achieving favorable regulatory clarity.
With the summer recess looming, there’s a limited amount of time to pass two of the bills that still require a Senate vote, but one is already headed to Trump’s desk.
Some hardline Republicans blocked a procedural step to advance the bills earlier on in the week, but Trump’s intervention helped secure the necessary votes to move the bills forward.
Crypto executives invested tens of millions into Trump’s election, proclaimed their support for him, and contributed to his inaugural fund.
After a four-year struggle with the Biden administration over crypto policy, the industry is finally seeing the US government adopt policies it’s long asked for.
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