As the ‘Crypto Week’ begins, House Republicans have blocked an amendment to one of the three landmark digital asset legislations that would have forced the US Department of Justice (DOJ) to release the controversial Epstein files.
Democrats Propose Controversial Amendment
On Monday, the House of Representatives Committee on Rules voted against a proposed amendment to the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act that would have tied the Jeffrey Epstein case to the crypto bill.
News media outlet Axios recently reported that several House Democrats increased efforts to force a House vote that would require Attorney General (AG) Pam Bondi to release the “Epstein files.”
For context, the Trump administration recently received heavy criticism over the way the DOJ handled the case. Notably, the DOJ concluded that no “client list” existed and Epstein’s death was a suicide, not murder.
According to the report, Democrats were “hoping to take advantage of a blow-up between President Trump and his base over the Epstein files by forcing their GOP colleagues to choose between them.”
As a result, Representative Ro Khanna filed an amendment to the GENIUS Act ahead of its markup session by the House Rules Committee, scheduled at the start of the highly anticipated “Crypto Week.”
The amendment would have required AG Bondi to “retain, preserve and compile any records or evidence related to any investigation, prosecution or incarceration” of Epstein. Additionally, she would have had to release and publish the records on a publicly available website within 30 days of the crypto bill being signed into law.
Proposed amendment to the GENIUS Act. Source: Axios
Similarly, Representative Marc Veasey also vowed to introduce a resolution demanding that the Trump administration release all pertinent files. Despite their efforts’ low chances of advancing to a House floor vote, both lawmakers reportedly hoped “to at least embarrass the GOP in the process.”
Rules Committee Focuses On Crypto Regulation
On July 14, the House Rules Committee voted 6-5 against Khanna’s amendment, with Republicans affirming that the change was not pertinent to the GENIUS Act, which aims to create a regulatory framework for stablecoins, allowing tokens like USDT and USDC to fall under the Federal Reserve rules.
The crypto bill, introduced by Senator Bill Hagerty in February, would establish a “safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto.”
According to the Tuesday report, Republican Representative Ralph Norman voted with the panel’s four Democrats in favor of attaching the amendment, arguing that “the public’s been asking for it.”
Nonetheless, he voted with Republicans against Representative Veasey’s five-page resolution, arguing that the House Rules Committee “isn’t the body to do this.” He reportedly considers that “It will be borne out by the legal authorities and by the public,” saying “We’re talking about crypto, Jim. We’re talking about regulations.”
As reported by Bitcoinist, the GENIUS Act passed the Senate’s full vote in mid-June and was sent to the House of Representatives to continue the legislative process.
However, House leaders reportedly pushed to merge the GENIUS Act and the CLARITY Act, the landmark structure legislation, to increase the bills’ chances of passing Congress and being sent to US President Donald Trump’s desk before the August recess deadline.
Since then, Senate Banking Committee Chair Tim Scott revealed a new timeline for the crypto market structure framework at the end of June, suggesting an effort to keep the bills separate.
Bitcoin (BTC) trades at $116,626 in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
