US Crypto Bills Stalled Amid Parliamentary Tensions

Developments in cryptocurrency legislation in the USA may be disrupted due to conflicts between Republican leaders. Two crypto bills introduced by Interim Speaker of the House Patrick T. McHenry appear likely to be shelved until a permanent leader is appointed.

Two significant bills regarding cryptocurrencies presented in the US House of Representatives in recent weeks have been suspended due to domestic political developments. With the interim Speaker of the House, Patrick McHenry, taking the leadership seat, these bills may remain on the shelf for some time.

How Were Crypto Bills Impacted in the US House?

McHenry took over as speaker of the house on Tuesday. It is possible that he will hold this position for more than a week. Recently, Kevin McCarthy’s dismissal as a result of a power struggle with far-right MPs caused the parliamentary agenda to change.

Ron Hammond, director of government relations at the Blockchain Association, states that these political developments have pulled McHenry to a point he does not want. Meanwhile, two bills prepared in July are awaiting a full vote in the Parliament. However, these bills were specifically aimed at regulating stablecoins and creating a comprehensive regulatory framework for crypto. Recently, it seems that it is harder than expected for the bills to find support in the Senate.

Working Activities of the Parliament are at a Halt Point

Pointing out that the parliament is expected to not hold a session for a period of approximately two weeks and that a new session is not planned in this period, Hammond states that the current situation resembles a stalemate.

In the background, lawmakers continue to work to elect a new Speaker of the House of Representatives. After a closed meeting with the Republican party, a general assembly vote is expected.

John Aughenbaugh, an associate professor at Virginia Commonwealth University, stated that in the current situation, the working activities of the parliament have come to a serious halt. According to Aughenbaugh, although McHenry’s position as speaker is not at risk, he said he will not do much, including crypto bills.

Source: The Block

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