#USCryptoWeek Trump-backed crypto regulation bills fail to clear key hurdle in Congress
KEY POINTS
Several cryptocurrency-related bills backed by President Donald Trump failed to clear a key procedural hurdle in the House of Representatives.
The failure is a major blow to the crypto industry, which was hoping for a series of legislative wins this week.
Trump had hailed 'Crypto Week' during a post on his Truth Social site and urged all House Republicans to vote "yes" on the measure.
House GOP leadership abruptly called off a second attempt to pass the rule.
Several cryptocurrency regulation bills backed by President Donald Trump on Tuesday failed to clear a key procedural hurdle in the House of Representatives, dealing a major blow to the crypto industry.
The bills cannot move forward until the House approves rules of debate for the legislation. The final tally of the surprise vote Tuesday was 196 in favor and 223 against.
Thirteen Republicans voted with Democrats to block the legislation from moving forward.
It was unclear late Tuesday what the next steps for the package would be, after House Republican leadership abruptly decided against holding another vote the same day.
The measures had been widely expected to pass.The failure of the rule during what is being billed as "Crypto Week," was a rare instance of House Republicans refusing to take direction from Trump.
Republican leaders have not clarified yet whether a second vote would be for an identical rule and the same bills, or whether members would make changes to the package to satisfy GOP conference members who opposed the current motion.
Crypto-linked stocks turned lower after the vote failed.