Crypto bills stumble on key procedural hurdle in the House

Legislative Developments - A procedural vote on a rule that included crypto bills failed in the House, impacting plans for a "crypto week" [1][2] - The failure introduces uncertainty regarding the passage of stablecoin legislation and a broader market structure bill [4] - Concerns voiced by some lawmakers, like Congresswoman Marjorie Taylor Green, relate to the bills' insufficient prevention of a central bank digital currency [2][3] - Republican leaders may need to reassess their strategy to advance the crypto bills, potentially delaying them [4] - The market structure bill, defining digital assets as securities versus commodities, faces further hurdles in the Senate, with potential passage delayed until the fall [7][8] Market Reaction - Bitcoin experienced a slight sell-off following the news [5] - Robinhood's stock decreased by approximately 2% [5] - Coinbase's stock was significantly impacted, declining by 45% [10] Bill Details - One bill focused on stablecoins was expected to pass, with the White House planning a signing ceremony [6] - Another bill addresses market structure, aiming to clarify when a digital asset is a security versus a commodity [7]