Athira Sethu
Kochi, 16 July 2025
A new cryptocurrency law awaiting approval by many in the industry may not be passed as smoothly as hoped. A House vote in the United States failed last week, and some stocks of crypto companies plummeted.
But President Donald Trump said he was trying to remedy the situation. Trump met with 11 of 12 members of Congress required to advance the law. Trump stated following the meeting that all of them agreed to vote “yes” the following morning.
Republicans in the House referred to this week as “Crypto Week.” They planned to pass and vote on multiple bills to bring clear regulation to the world of cryptocurrency. The bills are a significant advancement for the industry, which has rapidly expanded but remains largely caught up in legal ambiguity.
The problem started when some conservative Republicans joined Democrats in blocking a vote on three bills. They disagreed on how the bills should be grouped and voted on. After the vote failed, House Speaker Mike Johnson said he would continue talking to lawmakers and hoped to try again soon.
When reports of the vote failing emerged, stock values of cryptocurrency firms such as Circle Internet and Coinbase Global declined. But they later cut their losses after Trump made his announcement.
One of the key bills is on “stablecoins.” These are a form of cryptocurrency that remains constant in value, typically $1 per coin. They are used by traders to transfer cash rapidly between various crypto tokens. Stablecoin supporters think that stablecoins can also facilitate instant payments.
A second bill would determine when a crypto token is a “commodity.” Both bills are extremely significant to the future of cryptocurrency in the U.S.
There is also a third bill that would prevent the government from establishing its own digital currency, also referred to as a central bank digital currency. Republicans feel this type of money will provide the government with too much influence over individuals’ personal finances.
To date, this bill has not yet been considered in the Senate, and the Federal Reserve hasn’t expressed firm interest in creating a government-backed digital dollar.
