The House’s “Crypto Week” faced a setback as a procedural vote to advance three digital asset bills failed 196-222. Conservative GOP and Democrats united against a rule change blocking amendments. Speaker Johnson will reconvene talks to revive the stalled legislation. Market saw declines in Robinhood, Coinbase, Circle, and Bitcoin.

Despite the setback, Speaker Johnson is committed to negotiating a compromise to advance stablecoin and token bills. Bipartisan support signals progress towards regulatory clarity. Market volatility presents buying opportunities for investors. Failure to pass legislation may lead to prolonged gridlock and hinder U.S. innovation in the crypto space.

Read more at Nasdaq.: Procedural Defeat Derails Congress’s Crypto (GBTC) Week: Market Fallout and Next Steps