House conservatives end obstruction, Trump's "Cryptocurrency Week" makes progress.

The conservative wing of the Republican Party in the United States has given up its two-day effort to block cryptocurrency-related legislation, paving the way for a vote in the House of Representatives on a series of measures supported by President Donald Trump. On Tuesday, the conservatives finally relented under pressure from Trump. Trump supports digital assets and has promoted the upcoming vote as "Cryptocurrency Week." Despite this, House leaders had to extend a procedural vote for several hours on Wednesday, continuing efforts to break the deadlock and breaking the record for the longest vote in the history of the House of Representatives. Ultimately, enough conservative members along with other Republicans approved the procedural steps needed to begin considering cryptocurrency legislation. These cryptocurrency bills include stablecoin legislation passed by the Senate, which industry supporters hope will promote wider use of dollar-denominated digital tokens. House Speaker Mike Johnson said House leaders assured members opposing the legislation that a measure banning the Federal Reserve from issuing digital currency would be included in the defense authorization bill later this year, in order to convince the opposition to advance the stablecoin legislation. Johnson said, "This breaks the deadlock and allows us to get the work done. Sometimes it takes longer than others, but it's all part of the process." The House will also vote on an industry-supported bill aimed at establishing broader market structure rules for cryptocurrency. This bill will also need approval from the Senate. Stablecoin-related legislation received bipartisan support in the Senate last month, and if passed in the House, will be submitted to Trump for signing. The bill sets regulatory rules for dollar-backed stablecoins, including requiring companies to hold short-term government bonds or other products regulated by state and federal regulatory agencies as reserves. As of the time of writing, Bitcoin has fallen by 1.12%, to $118,600 per coin.