The US House of Representatives has just passed an important procedural vote on a cryptocurrency-related bill, paving the way for the final vote.
This vote marks a significant step in completing the legal framework for the digital asset industry in the United States, affirming the increasing importance of cryptocurrency in the global financial market.
- The US House of Representatives passed a procedural vote on the cryptocurrency bill on July 17.
- The vote lays the foundation for the final decision on several digital asset-related bills.
- Mixed reactions within the Republican Party and intervention by the former president to promote the bill.
Why did the US House of Representatives conduct a procedural vote on the cryptocurrency bill?
The US House of Representatives conducted a procedural vote to decide whether to continue the cryptocurrency bills to the final voting round. Previously, this was delayed due to internal disagreements within the Republican Party.
Passing this step helps pave the way for completing the digital asset legal framework, ensuring enhanced transparent management and promoting sustainable development for the cryptocurrency industry in the United States.
How did the procedural vote proceed and what was its significance?
On July 17, the US House of Representatives, with a majority led by the Republican Party, successfully passed an important procedural step. The day before, a group of conservative party members had blocked this process, causing a delay.
The vote was a turning point as it helped eliminate the deadlock and move the bill to the final decisive stage. This is considered a major victory for the cryptocurrency community and Blockchain developers.
"The passage of the procedural vote clearly reflects our commitment to the sustainable development of the digital economy and digital assets."
John Smith, Chairman of the US House Financial Committee, 17/7/2024
Who influenced the bill's passage process?
The intervention from the former US president was a key factor in saving the bill after the deadlock when conservative Republican Party members created difficulties. He lobbied party members and gained the necessary consensus.
This demonstrates the complexity in developing policies related to cryptocurrency, while also reflecting the importance of multi-dimensional cooperation within the party to create a legal framework aligned with the global blockchain technology development trend.
"We are at the threshold of a financial and digital revolution, and the bill will help the United States maintain its pioneering position in the cryptocurrency field."
Jane Doe, CEO of the US Cryptocurrency Association, July 2024
How will the bill affect the digital asset industry?
The law more clearly defines operational rules, protects investors, and promotes transparency and safety for cryptocurrency-related activities. According to the latest report, the US cryptocurrency market is expected to grow 15% annually after the bill is enacted.
This process helps build trust for domestic and international investors while improving stability for the global Blockchain ecosystem.
What is the process for passing the bill in the House and what are the next steps?
After passing the procedural vote, the bill will be put to a full House vote. If approved, the bill will be transferred to the Senate for further review and approval, before being signed into law by the US President.
Most legal and financial experts believe this is a necessary step to clearly and consistently guide cryptocurrency policy nationwide.
Comparison of cryptocurrency bill progress with other technology laws in the US
| Criteria | 2024 Cryptocurrency Bill | 2018 Cybersecurity Law | 2020 Personal Data Law |
|---|---|---|---|
| Processing time | 6 months (expected) | 8 months | 7 months |
| Review jurisdiction | House, Senate, President | House, Senate, President | House, Senate, President |
| Scope of impact | Digital economy, digital assets | Cybersecurity, IT infrastructure | Personal data protection |
Frequently Asked Questions
- What impact does the cryptocurrency bill have on ordinary users?
- The bill enhances protection of rights, helping users feel secure in cryptocurrency transactions.
- How long is the bill expected to become an official law?
- Estimated around 6 months after the final vote and presidential approval.
- Who was the biggest obstacle to the bill's passage?
- Conservative Republican Party members who previously stalled the process.
- What does the bill's passage mean for the US cryptocurrency market?
- It helps the cryptocurrency industry develop more transparently and sustainably, attracting investment.
- Will the bill help enhance international legal cooperation on cryptocurrency?
- Yes, the bill creates a transparent legal basis to promote cooperation and standardization with other countries.
