The U.S. House of Representatives is showing weakness in Bitcoin as it rejected the vote to establish rules to process virtual currency regulation-related bills.
According to global cryptocurrency market tracking site CoinMarketCap on the 16th, as of 8:08 a.m., Bitcoin is trading at $117,969, down 1.75% from the previous day. XRP (Ripple) is down 1.36% to $2.91 compared to the previous day. However, Ethereum, the second-largest by market capitalization, is up 3.7% from the previous day at $3,122.
On the same day, the U.S. House of Representatives held a vote to establish rules to process various cryptocurrency regulation-related bills. The outcome was 196 votes in favor and 223 votes against, resulting in a rejection. One of the three failed bills was the GENIUS Act, which had passed the Senate last month with support from the Democratic Party. This bill was created to regulate stablecoins.
Another bill, the Clarity Act, aims to establish rules on whether cryptocurrencies are regulated as securities by the Securities and Exchange Commission (SEC) or as commodities supervised by the Commodity Futures Trading Commission. The third bill seeks to prevent the Federal Reserve from creating digital currency.
As this news broke, not only did cryptocurrency-related stocks decline, but major cryptocurrencies, except for Ethereum, are also showing a downward trend.