CNBC's Emily Wilkins reports on the cryptocurrency bills going through the U.S. House of Representatives.

Washington

Progress on several cryptocurrency bills in the U.S. House of Representatives has been halted after a key procedural vote failed. The vote, which was necessary to advance three crypto-related bills as well as Defense Department funding, did not pass, causing unexpected delays for legislation that many in the industry and Congress had anticipated would move forward.

Concerns raised by lawmakers, including issues related to central bank digital currencies, contributed to the setback. The delay affects both a stablecoin bill and a broader market structure bill, with the latter still requiring Senate approval even if it passes the House. The development has led to a minor sell-off in crypto-related stocks, and House leaders are expected to revisit the issue to address lawmakers' concerns.

Crypto bills stumble on key procedural hurdle in U.S. House

Breaking news on the stablecoin front, as that bill has failed to advance in the House, I believe. Let's get the details from Emily Wilkins. Emily. Hey, Kelly. So, yes, this House was just holding a procedural vote that would have been led to the vote on three different crypto bills, and that procedural vote has failed. Now, we should note, of course, here that that rule was not just on crypto bills. It was also going to set up a vote on funding for the Defense Department. We're trying to learn a little bit more about why the bill went down. But this definitely puts a wrinkle into House Republicans' plan to have this crypto week where they were going to pass crypto bills. You have to get that process vote in place to actually move on to the other votes. One of the members who did vote against the process, Congresswoman Marjorie Taylor Greene, actually tweeted a bit this morning, voicing some of her concerns with the bill in relation to a central bank digital currency. She was concerned that the bills did not do enough to prevent that from being created by the U.S. government, saying that more oversight was needed. Of course, we'll be speaking with more of these lawmakers who voted against the bill to better understand their concerns, how many of them had to do with crypto versus defense. But again, this is a huge wrinkle. There were a lot of folks, crypto industry lawmakers, who were expecting these bills to get done this week. It now looks like Republican leaders might need to go back to the drawing board to figure out how to get this done. Certainly, a big delay that I don't think many folks were expecting today to happen. And could delay these bills to potentially next week and maybe even longer. Kelly? We're looking at Bitcoin selling off slightly, Robinhood down about 2 percent, Emily. So not reacting as if this is, you know, a huge deal. And maybe it goes back to the October timeframe that Coinbase's chief policy officer told us about last hour. Yeah, and Kelly, remember, of course, for these bills, there are two different bills on two different tracks. One of them was stablecoin. That's the one that we thought was going to clear Congress this week. The White House already planning to do a signing ceremony on Friday. But the other one is kind of the bigger prize for the crypto industry. This market structure bill saying when a digital asset is a security versus a commodity. That's the one that a lot of these crypto companies wanted to see get done. And even if the House did vote to pass it this week, it would still need to go to the Senate where there's been a lot of debate, a lot of discussion. Likely wouldn't see final passage of that until the fall at the earliest. So still a long way to go. It sounds like to get some of these bills done, a lot that can potentially happen. And we'll see, too, House leaders might be able to resolve what some of these differences are, get back on track for this week, next week, still be able to move these before that August recess that's coming up. We're just going to have to be learning more from lawmakers about exactly what their concerns are and how they can potentially be addressed. Coinbase probably the hardest hit among the names we're quickly checking here. It's down four and a half percent again. They were really looking for that clarity, as the policy officer himself told us. Emily, thanks. Keep us posted. Emily Wilkins is on Capitol Hill amid that surprise development this afternoon.

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