The US House of Representatives has cleared the way for a vote on a package of landmark laws for the cryptocurrency industry. The breakthrough on Wednesday marks a significant victory for the digital asset sector, which has long campaigned for clear regulation in the United States.
The agreement came after more than nine hours of tense, private negotiations between political leaders who worked to convince sceptical members of their own party to support the initiative. The path was cleared a day after President Donald Trump personally intervened to save the legislative package from collapsing.
What the New Laws Propose
The proposed legislation is broken down into three main bills, each addressing a different aspect of the digital asset industry:
A Framework for Stablecoins: This bill is considered the most likely to pass first. It would create a national regulatory framework for stablecoins, which are a type of cryptocurrency designed to hold a steady value, usually pegged 1:1 to the dollar. As this bill has already been approved by the Senate, it would go directly to President Trump to be signed into law if it passes the House vote.
Market Structure Rules: This second bill aims to set clear rules for the wider crypto market. Crucially, it would help define when a digital asset is a commodity and when it is a security. This distinction is vital, as commodities are not subject to the same strict oversight from the powerful Securities and Exchange Commission (SEC). The Senate has not yet considered this bill.
A Ban on a Central Bank Digital Currency: The third bill, which has strong support from conservatives, would prohibit the US central bank, the Federal Reserve, from issuing its own digital currency. Supporters of the ban argue that a state-run digital currency could give the government too much control over the finances of ordinary people.
A Breakthrough After Political Drama
The path forward was secured after a day of significant political drama. On Tuesday, an initial procedural vote was blocked when several conservative Republicans joined with Democrats to halt progress.
However, President Donald Trump then met with the dissenting politicians and successfully persuaded them to allow the legislation to proceed. Even after the President's intervention, Republican leaders had to spend several more hours on Wednesday convincing a handful of members who were still resistant to considering the three bills separately.
For the digital asset industry, this represents a watershed moment. If the stablecoin bill passes the House vote, it will become the first-ever federal law specifically designed to regulate cryptocurrency in the United States, providing the sector with long-awaited legal clarity.
