House expected to vote on historic crypto bill, the GENIUS Act, after right-wing rebellion

Washington — The House is expected to vote Thursday on a landmark piece of legislation to regulate cryptocurrency after its fate appeared in limbo when right-wing Republicans staged a rebellion that brought the floor to a standstill. 

The bill, known as the GENIUS Act, is set to become the first major crypto legislation ever passed by Congress. 

On Tuesday, a dozen conservatives sank a procedural vote to advance three crypto bills, including the GENIUS Act, which would establish a regulatory framework for the $250 billion market for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar.