Trump-backed crypto regulation bills fail to clear key hurdle in Congress-OxBig News Network

Several cryptocurrency-related bills backed by President Donald Trump failed to clear a key procedural hurdle in the House of Representatives on Tuesdays, dealing a major blow to the crypto industry.

The failed vote delivers a major blow to to the crypto industry, which was hoping for a series of legislative wins this week — which had been billed as “Crypto Week.”

The final vote was 196-223, with 13 Republicans voting with Democrats to block the procedural motion, NBC News reports.

House leadership tentatively plans to hold another vote later in the day Tuesday to advance the legislation.

The vote was a rare instance of House Republicans refusing to take direction from Trump.

Trump hailed ‘Crypto Week’ during a post on his Truth Social earlier on Tuesday and urged all House Republicans to vote “yes” on the measure.

“The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets – Nobody does it better!” Trump wrote.

“The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it,” he wrote.

“Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!),” Trump continued.

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