House sends a unique cryptocurrency legislation to Trump's desk after the conservative revolt briefly late

Cnn
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On Thursday, the US house adopted a great cross -party legislation that aims to regulate a kind of cryptocurrency that is known as a stable coin and sends the law for its signature to the president's desk.

The legislators, a unique crypto regulatory legislation, made the final approval in a vote of 308-122 after a handful of Republicans initially blocked the bill at the beginning of this week because of a political dispute.

President Donald Trump had asked the Republicans to vote for the draft law and previously indicated that he was careful that the legislation reached his desk. He argued on social media that the genius law America would make America a “undisputed, number -1 leader in digital assets”.

Stable coins are a kind of crypto assets that are bound with the value of another financial value, typically the US dollar, and should be more stable than cryptocurrencies that often fluctuate in value. The cross-party law would be to set up a regulatory framework, including the specification of stable coin emitters, to comply with the US rules for money laundering and sanction rules.

The draft law passed the US Senate in June with cross -party support for legislation.

However, some Democrats, like Massachusett's Senator Elizabeth Warren, the best democrat of the Senate Ranking Committee, have argued that the draft law does not contain sufficient protective measures for consumers, national security or financial stability and at the same time criticizes the connections of the Trump family to crypto.

The path of the draft law for implementation was questioned after a dozen republicans of the Republicans, including Trump Ally Rep. Marjorie Taylor Green, voted against the bill on the fully vote in the chamber on Tuesday. The group of Republicans, many in the conservative House Freedom Caucus, had objected to the legislative template because it did not match an executive regulation from January by receiving a ban on a digital currency of the central bank.

The uprising meant that the spokesman for House, Mike Johnson, drove the last vote later a week, and disabled people, as the leadership of Haus “Krypto week” and asked for the president's participation.

After a meeting on Tuesday evening with Trump and the negotiations with house tour the next day, the legislators finally voted in favor of promoting legislation late Wednesday. The procedural vote – held for the second time in exactly as many days – broke the record for the longest US house vote in modern history after it was opened for 9 hours and 40 minutes.

The group of Republicans voted for the legislative template after making an agreement with House GOP leadership in order to prohibit the ban on the digital currency of the central bank this year with the annual draft of law on the Pentagon Policy Act template.