Trump-backed crypto regulation bills fail to clear key hurdle in Congress

A few invoices about crypto currency supported by President Donald Trump could not clean an important procedure barrier in the House of Representatives on Tuesday and received a major blow to the crypto industry.

The last vote was 196-223 and 13 voted with the democrats to prevent the Republican procedural movement.

The leadership of the Assembly plans to vote in later Tuesday hours in order to advance the legislation.

It was unclear whether the second vote would be for the same rule and the same invoices, or whether the parliament could make changes to the package to satisfy the defectors of republican leaders.

The vote, which was invoiced as “Crypto Week”, was a rare example of Republicans refusing to take direction from Trump.

During an article about true social on Tuesday, Trump greeted the “Crypto Week” during a article about real social, and called for all the republican republicans to vote for “yes” in precautionary measures.

“The house will soon vote for an enormous invoice to make America unquestionably, the number one leader in digital assets – nobody does it better!” Trump wrote.

“The Genius law will put our great nation’s light in front of the others working endlessly to China, Europe and to catch it, but they cannot.”

“Digital assets will come and we lead a lot! Trump will take the first vote in the afternoon (all republicans should vote!), Tr Trump continued.

After the voting failed, the shares linked to the crypto fell. Stablecoin Company Circle’s shares fall more than 7% in the news Coin Fell more than 4 % and digital assets company Mara Holdings It fell more than 2 %.

– Emily Wilkins from CNBC contributed to reporting