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BlockBeats News, July 17 — On Wednesday, the U.S. House of Representatives reached an impasse during a procedural vote to advance key cryptocurrency legislation. Although an initial procedural motion passed earlier in the day, consensus was ultimately not reached to bring three core crypto bills to a final vote. That day, the House narrowly passed the first procedural motion by a margin of 217-215, deciding to reconsider the debate rules for advancing the legislation—a process that had been stalled on Tuesday due to opposition from the House Freedom Caucus. The final vote tally was 210 in favor and 218 against, meaning Republicans would need to flip at least four opposing votes for the legislative process to move forward. The main point of contention centered on the stablecoin bill. While the House has its own STABLE Act, this time the vote was set for the Senate’s version, the GENIUS Act. Members of the Freedom Caucus collectively voted against the bill on Tuesday, citing their exclusion from the drafting process. According to Politico, President Trump reached an agreement with 11 dissenting lawmakers on Tuesday night, promising to merge the anti-CBDC bill with the Clarity Act (the market structure bill) in exchange for their support. However, sources indicated that this move could prompt some Democrats to withdraw their backing. This vote is a central part of Congress’s “Crypto Legislation Week.” If the market structure bill passes the House, it will be sent to the Senate for review; the stablecoin bill could go directly to the President for signature. Insiders noted that House leadership did not fully consult with the Republican caucus before announcing “Crypto Legislation Week,” leading to repeated setbacks in the legislative process this week.

BlockBeats News, July 17 — According to monitoring by Lookonchain, a whale address starting with 0x2258 proactively closed its 18x leveraged ETH short position on Hyperliquid just before liquidation, as Ethereum surged past $3,300. Despite this, the whale still lost $8.44 million in a single day.