Home presses forward despite cryptocurrency agreement's collapse

Home presses forward despite cryptocurrency agreement's collapse

In a dramatic turn of events, the House of Representatives has broken a record for the longest vote on a rule for debate on a trio of GOP crypto bills, following an impasse that was finally resolved after intense negotiations [1][3]. The procedural vote, which was left open late into the night, allowed the House to move forward with the crypto bills and a 2026 Defense spending measure, albeit on a tight schedule for further legislative action [3].

The impasse was caused by hardline Republicans, who sought to merge a crypto market structure bill with a ban on a central bank digital currency (CBDC). These Republicans, including Reps. Paul Gosar, Marjorie Taylor Greene, and Scott Perry, were pressing for additional provisions, including amendments related to Ukraine funding [2]. Top House Republicans, such as Speaker Mike Johnson and committee chairs, including Reps. French Hill and G.T. Thompson, were involved in the negotiations. While some Republicans, like Chairman Tom Cole, expressed frustration over procedural delays, there was no reported significant backlash from top Republicans over being left out of the negotiations [3].

The resolution of the impasse saw the opposition dropped, paving the way for the House to advance the crypto bills. The vote was a close one, with the bills passing by 217-212 [3]. Notably, Republican hard-liners, who had initially opposed the move, were convinced to allow the bills to proceed.

Meanwhile, in the Senate, the chamber is close to clinching a $9 billion rescissions package [4]. The Senate Majority Leader John Thune seems confident the lower chamber will approve the modifications [5]. The Senate is expected to modify the package to preserve $400 million for PEPFAR and send it back to the House [6]. OMB Director Russ Vought has expressed willingness to send more cuts to the Hill after this bill becomes law [7].

Elsewhere, Kentucky Gov. Andy Beshear will make a visit to South Carolina today. The governor will endorse efforts to unionize workers in right-to-work states like Kentucky and South Carolina [8]. During his visit, Beshear will tell organizers how to "win back areas that feel forgotten or dismissed by the Democratic Party" [9].

In fundraising news, House Republicans raised strong numbers from April through June, with Rep. Young Kim, R-Calif., leading the pack [10]. Sen. Jon Ossoff, the only Trump-state Democrat seeking reelection, ended June with $15.5 million on hand [11]. In Virginia, Democrat Abigail Spanberger had doubled the take of GOP gubernatorial nominee Winsome Earle-Sears, $10.7 million to $5.9 million [12].

Sen. Lindsey Graham plans to talk to President Trump about the Senate's bipartisan Russia sanctions bill [13]. The Senate narrowly clinched $9 billion in spending cuts early Thursday morning [14]. Maine Sen. Susan Collins, the only Harris-state Republican running next year, raised $2.4 million [15].

One more Republican defector in either chamber of Congress could upend the whole effort [16]. As the political landscape continues to evolve, it remains to be seen how these developments will shape the future of legislation in Congress.

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