The U.S. House of Representatives' cryptocurrency legislation process is stalled, and Trump's intervention fails to resolve internal party divisions

According to the Zhitong Finance APP, the procedural voting in the U.S. House of Representatives on several cryptocurrency-related bills was stalled on July 17, despite President Trump personally intervening the day before in an attempt to salvage the legislative process. However, divisions within the Republican Party continued to slow down the agenda. These cryptocurrency bills are seen as a key step in further integrating digital assets with the traditional financial system. If passed, they will establish a clear regulatory framework for sensitive areas such as stablecoins and central bank digital currencies (CBDCs), which the cryptocurrency industry highly anticipates. On Wednesday, the House originally planned to vote on whether to formally begin debate on the bills. This vote was scheduled to last only five minutes, but in practice, it unexpectedly extended for over an hour, highlighting the difficulty of coordination within the party. In fact, the same procedural vote the day before had failed due to a coalition of some Republican conservatives and Democrats voting against it, prompting Trump to urgently step in to mediate. As a staunch supporter of the cryptocurrency bills, Trump met with several Republican lawmakers at the White House this week and publicly expressed support for the passage of three key bills. Although some bills have passed preliminary procedures, there are still divisions among Republican conservatives on how to advance specific bills and whether to bundle votes. Insiders revealed that House party leaders are negotiating with hardliners, with the main obstruction focused on one bill that prohibits central banks from issuing digital currencies (CBDCs). Some lawmakers are concerned that this bill could undermine the Federal Reserve's monetary policy independence, leading to additional controversy. Despite the overall slowdown in progress, one bill regarding stablecoin regulation has already passed in the House and is expected to be sent to Trump for signing into law. This will mark a significant step for the U.S. in the field of cryptocurrency legislation. The bill aims to establish a federal-level regulatory framework for stablecoins, which is expected to provide legal protection for mainstream stablecoins, including USDC and USDT. Stablecoins are crypto assets pegged to fiat currencies like the U.S. dollar, maintaining price stability, and are widely used for trading settlements between currencies, with their usage rapidly increasing in recent years. Supporters believe that stablecoins could be used for instant payments in the future and even become a new infrastructure for cross-border payments. These bills have long been a goal pursued by the cryptocurrency industry. If legislation can be completed in Congress, it will greatly enhance industry compliance, attract more institutional funds, and provide a clear development path for U.S. cryptocurrency companies. However, on Tuesday, several Republican conservatives joined Democrats to block the bills from entering the formal voting stage, indicating that even in a Republican-controlled House, advancing cryptocurrency legislation still faces complex intra-party coordination challenges. It is still unclear when the House will be able to engage in a comprehensive debate on the overall bills and advance to a final vote. However, it can be anticipated that as "Crypto Week" becomes a political focus, policy direction and legislative progress will continue to influence market sentiment and fluctuations in digital asset prices