U.S. Representative French Hill has said there is “strong bipartisan support” for the crypto market structure bill, even after a surprising setback in the House of Representatives this week. He believes the House still has the votes needed to pass three important crypto measures, including one focused on stablecoins.
Hill said, “I believe we do have the votes to advance the GENIUS Act in the Senate.” Hill also explained that the GENIUS Act would create the first federal framework for regulating dollar-backed payment stablecoins. He said this would open up new competition in the payment industry and support real-world use of blockchain applications.
He also noted progress on a separate market structure bill, which has been worked on through the House Act and Financial Services Committees. “There’s strong bipartisan support for that bill as well,” Hill noted, referring to the crypto market structure bill.
Additionally, Hill mentioned the Anti-CBDC Act, introduced by Rep. Tom Emmer of Minnesota. This bill would stop the Federal Reserve from creating a central bank digital currency (CBDC) without clear approval from Congress.
Just a day earlier, all three bills failed to pass a key procedural vote in the House. The final count was 196 in favor and 223 against, with 13 Republicans siding with Democrats to block the legislation.
The failure has left many in the crypto industry confused, as the bills were expected to move forward smoothly. However, Hill said House speakers are working on how to coordinate and reintroduce the three bills for a vote.
Also Read: Trump Rallies House Support for GENIUS Act (Stablecoin Bill)
