Crypto Bills in Limbo After House Vote Stalls. What's Next. — Barrons.com

By Elsa Ohlen and Janet H. ChoBitcoin price and other cryptocurrencies were wavering on Wednesday after key crypto legislation stalled for a second day in the House.Bitcoin's price was around $118,660, up 0.8% in the past 24 hours, according to CoinDesk data.It had plunged to a 24-hour low of $115,967 shortly after a procedural vote Tuesday on three crypto bills in the House failed to garner enough votes. Then voting stopped a second time on Wednesday, as the procedural measure was faring poorly. As of late afternoon, the vote was 209 in favor and 220 opposed to moving ahead, with nine Republicans voting no. The House GOP could afford to lose just three votes.The stalemate in Congress comes despite President Donald Trump declaring it "Crypto Week," and expressing optimism the legislation could pass.House Financial Services Committee Chair French Hill (R., Ark.) told CNBC on Wednesday morning that "the House has the votes for those three measures, and the speaker is working this morning on how they'll be coordinated and presented to the House for consideration."But the procedural vote was troubled almost from the start. After more than three hours, the votes still were not there to advance the bills to the debate phase. GOP House leaders called off the vote later on Wednesday.Ether, the world's second largest digital coin, led gains among larger altcoins and was up 7%. Billionaire venture capitalist and Palantir Technologies co-founder Peter Thiel disclosed a 9% stake in crypto mining provider BitMine Immersion Technologies which recently disclosed that it had accumulated over $500 million worth of the digital coin.The small-cap stock closed up 12% on Wednesday.Lawmakers were set to consider three bills: the CLARITY Act; the GENIUS Act; and the Anti-CBDC Surveillance State Act.The bills aim to regulate different aspects of digital assets. The crypto industry is largely supportive of them as it would provide some much-needed regulatory clarity which is expected to lead to more investments in the sector.Tuesday night, Trump said he had met with lawmakers and suggested the bills could be passed Wednesday."I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote on social-media platform Truth Social.Republican House Speaker Mike Johnson thanked Trump for his help in ensuring the passing of the GENIUS Act in a post on X.Sentiment improved after Trump declared support from the lawmakers, said Milad Azar at financial services firm XTB. The passing of the trio of bills "would mark the most significant regulatory advance for the sector in the U.S. to date, with implications for institutional adoption and legal certainty," Azar added.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.