A group of conservative Republican lawmakers are obstructing the "Crypto Asset Week" by demanding stricter CBDC restrictions, causing three key bills to become deadlocked.
The "Crypto Asset Week" at the US House of Representatives has become a tense political struggle as a small group of far-right Republican lawmakers continuously change their stance, preventing three important crypto asset bills from progressing as planned. The Wednesday procedural vote with a narrow 215-211 margin lasted for hours, reflecting deep internal party disagreements.
At the center of the dispute are three key bills: the GENIUS Act on the legal framework for stablecoins, the CLARITY Act regulating other crypto assets, and a bill prohibiting the US government from developing central bank digital currency (CBDC). Conservative lawmakers are concerned that the GENIUS Act is not strong enough to prevent CBDC issuance, which they view as a threat to citizens' privacy and financial freedom.
Representative Marjorie Taylor Greene, a loyal ally of President Trump, has become a symbol of this opposition. She declared that the GENIUS Act "does not ban CBDC nor maintain citizens' asset ownership chain", even comparing the bill to the "mark of the devil" in a post with a biblical passage. Despite a tense exchange with House Speaker Mike Johnson, Greene temporarily conceded, but conservative groups continued to withdraw their support.
President Trump's Role
President Trump directly intervened by summoning the opposing lawmakers to the White House, claiming he had persuaded the entire group to support the proposal. Industry leaders quickly celebrated the "Negotiator President's" victory, believing Crypto Asset Week was back on track. However, this joy was temporary as conservative groups continued to demand even more rigid concessions.
Representative Anna Paulina Luna, one of the previous opponents, stated that the meeting with Trump helped her eliminate concerns about crypto assets. "We had a positive working session with the President and reached an agreement to ensure that CBDC will never be allowed to exist in the US," Luna declared.
The current situation reveals the complexity of managing a party with diverse tendencies, even with direct presidential intervention. Whether Crypto Asset Week can continue as planned still depends on the ability to reach an agreement between party leadership and conservative groups on more stringent legal language for banning CBDC.
