U.S. Lawmaker Expresses Confidence in Crypto Bills Despite House Setback

Republican Congressman French Hill remains optimistic about the prospects of three key cryptocurrency bills, including the GENIUS Act, despite their unexpected failure in a procedural House vote. The legislation would establish the first federal regulatory framework for stablecoins and address market structure concerns.

Hill asserts bipartisan backing persists for the measures, which aim to foster payment industry competition and blockchain adoption. The proposed Anti-CBDC Act, designed to restrict the Federal Reserve's digital currency ambitions without congressional approval, forms part of this legislative package.

Market participants expressed bewilderment after the bills fell short in a 196-223 vote, with 13 Republicans joining Democrats to block advancement. The outcome contrasts with growing institutional interest in digital asset regulation following Bitcoin's ETF approvals earlier this year.