Trump's cryptocurrency regulation bill faces legislative setback

The US House of Representatives failed to pass the cryptocurrency sector regulation bill, supported by President Donald Trump, amid opposition from some Republican members.

The bill received only 196 votes in favor versus 223 against, including 13 Republican lawmakers, in a procedural vote held on July 15.

The failure to pass the bill represents a major obstacle that could hinder the enactment of several pieces of legislation related to regulating the sector, despite the Trump administration’s supportive approach.

This comes after Trump stated in a post on his “Truth Social” account that the bill, which he described as “genius”, would enhance the country’s leadership in the digital assets sector and ensure its superiority over China, the European Union, and other nations in this field.