Key crypto legislation championed by President Trump stalled in the House after a failed procedural vote, exposing internal GOP divisions and delaying efforts to regulate stablecoins, digital assets, and CBDCs.
House Rejects Key Procedural Vote
In a major blow to the Republican-led “Crypto Week,” the U.S. House of Representatives failed to advance three critical pieces of crypto legislation on Tuesday, July 15. A procedural vote needed to bring the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance Act to the floor was blocked, with 13 Republican lawmakers breaking ranks and siding with Democrats. The vote tally stood at 196-223, leaving the legislation in limbo and raising fresh doubts about the unity of GOP support for the crypto-focused agenda.
Crypto Week Stumbles
The failed motion marks a significant setback for President Donald Trump’s push to cement U.S. leadership in the global digital asset economy. The GENIUS Act, already passed in the Senate, was at the heart of Trump’s legislative priorities and aims to introduce robust regulatory standards for USD-backed stablecoins. The bill mandates full dollar reserves, annual audits for issuers with over $50 billion in capitalization, and strict oversight of foreign stablecoin issuance.
Trump Scrambles to Regain Support
Trump quickly moved to contain the fallout, announcing on Truth Social that he had personally met with 11 of the 12 Republican dissenters.
He claimed,
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule.”
House Majority Leader Steve Scalise, who surprisingly joined the rebels on Tuesday, has since scheduled a second round of procedural voting for Wednesday at 12:20 p.m. to reconsider all three bills. The internal dispute appears to have stemmed from dissatisfaction over the bundling of the GENIUS Act with the CLARITY and Anti-CBDC bills, as some lawmakers reportedly sought amendments or preferred a separate vote.
Market Response and Political Fallout
The legislative delay triggered an immediate reaction from the crypto market. Shares of Circle fell over 7%, Coinbase dropped more than 4%, and MARA Holdings declined 2%, reflecting broader investor anxiety. Trump had earlier hailed the GENIUS Act as a transformative measure that would position the U.S. “lightyears ahead of China, Europe, and all others” in the digital asset race.
However, the defeat highlights growing skepticism within the Republican Party regarding the administration’s crypto-heavy agenda. While the GOP framed the legislative push as a necessary move to “Make America the Crypto Leader,” Democrats branded it “anti-crypto corruption week,” arguing that the bills favor private interests over consumer safeguards.
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