Today in crypto, US lawmakers are set to reconsider a series of crypto bills after an initial setback for Republicans during Congress’ so-called “crypto week.” Meanwhile, Cantor Fitzgerald is said to be nearing a $3.5 billion Bitcoin purchase from Blockstream.
Three US crypto bills revived after initial failure in House vote
The US House of Representatives has cleared the way for three Republican-led crypto bills to be considered in the chamber after a failed vote on Tuesday.
In a Wednesday floor vote in the House, lawmakers voted 215-211 in favor of a resolution to reconsider a package with bills to regulate payment stablecoins, establish crypto market structure and restrict the development of a US central bank digital currency (CBDC).
The passage could lead to amendments to the bills and votes on the legislation itself soon as part of Republicans’ plans to pass them before Congress breaks for an August recess.
Though the motion to reconsider passed, the House had yet to agree to the resolution. Reports suggested lawmakers were debating how to move forward. At the time of publication, the vote remained open.
Despite political pressure from US President Donald Trump, five Republicans did not vote in favor of reconsidering the resolution. Thirteen House Republicans caused the vote to fail on Tuesday, several of whom expressed concerns about the lack of CBDC provisions in the stablecoin bill, the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act.
Cantor plans $3.5B Bitcoin buy from Adam Back’s Blockstream: Reports
Financial services firm Cantor Fitzgerald plans to acquire $3.5 billion worth of Bitcoin (BTC) from Adam Back’s Blockstream Capital to spin up a company to hold the cryptocurrency, the Financial Times and Bloomberg reported on Tuesday.
The would see BlockStream contribute as much as 30,000 Bitcoin, currently worth $3.5 billion, in exchange for shares in Cantor Equity Partners 1, a blank-check special purpose acquisition company (SPAC), which would be renamed BSTR Holdings.
The deal also includes plans to raise up to $800 million in additional outside capital for further Bitcoin purchases and follows a previous $3.6 billion crypto deal Cantor Fitzgerald made with SoftBank and Tether in April to create the Bitcoin acquisition company.
Cantor is run by Brandon Lutnick, the 27-year-old son of US Commerce Secretary Howard Lutnick, while Back’s 1997 Hashcash cryptographic work was cited by Bitcoin’s pseudonymous creator, Satoshi Nakamoto, and became foundational to Bitcoin’s proof-of-work consensus.
First crypto bill vote fails to get 100% Republican support despite Trump’s call
Cryptocurrency-related bills backed by US President Donald Trump failed to clear a key procedural step in the House of Representatives on Tuesday, despite the president’s public push for action.
Trump had urged Republican lawmakers to “get the first vote done this afternoon” on legislation to regulate payment stablecoins as part of a larger effort to pass crypto legislation before the August recess.
In a Tuesday post on his social media platform Truth Social, Trump ordered all Republicans to vote yes on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, a bill designed to regulate payment stablecoins in the US.
The legislation is one of three bills, along with ones to address market structure and central bank digital currencies, that Republican House leaders had been pushing as part of the party’s “crypto week” plans.
