WASHINGTON (Reuters) -Voting in the U.S. House of Representatives on whether to open debate on several cryptocurrency bills bogged down on Wednesday, a day after President Donald Trump intervened to save the initiative.
The bills would pave the way for digital assets to further integrate into traditional finance.
After passing a procedural hurdle, another vote on whether to consider passing the legislation surprisingly dragged on, with a vote scheduled for five minutes remaining open for more than an hour. A vote on the same issue failed on Tuesday, and Trump had stepped in to try to broker an agreement with Republican holdouts.
Wednesday’s vote would allow the Republican-led Congress to consider the bills, which have long been sought by the crypto industry and are expected to pass. It came one day after conservative Republicans helped defeat a similar procedural measure amid a dispute among lawmakers over how to proceed with the bills, whether individually or as a package.
The procedural vote is stalled while party leaders try to reach an agreement with hardline conservatives, with two sources saying issues involve concerns over a bill to prevent a central bank currency.
One bill, which would establish a federal framework for stablecoins, is set to head to Trump’s desk for signature after House approval, marking a watershed victory for the crypto industry.
Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly.
House Republicans suffered a setback in their bid to advance the bills on Tuesday, when several conservative Republicans joined with Democrats to block an earlier procedural vote.
(Reporting by Chris Prentice, Douglas Gillsion and David Morgan; Editing by Pete Schroeder, Cynthia Osterman and Rod Nickel)