Trump’s Crypto Bill Crushed: Congress Votes Down Ambitious Legislation, Raising Concerns for the Future!
Several cryptocurrency regulation bills supported by former President Donald Trump encountered a significant setback in the House of Representatives on Tuesday, as they failed to overcome a crucial procedural vote. The final tally was 196-223, with 13 Republicans joining Democrats to block the motion. This procedural hurdle must be cleared for legislation to move forward, signaling a serious challenge for the crypto industry amid what has been dubbed “Crypto Week.”
The unexpected outcome marks a rare instance where House Republicans opted not to follow Trump’s guidance. The legislation, which had been widely anticipated to pass, faced resistance from some GOP members. In light of the failed vote, House leadership plans to reconvene later Tuesday to potentially hold another vote in hopes of reviving the measures.
Details surrounding this second vote remain uncertain. It is unclear if it will pertain to the same bills or if modifications will be made to satisfy dissenting Republican caucus members. Following the procedural setback, crypto-related stocks took a downturn, reflecting the market’s apprehension.
Rep. Marjorie Taylor Greene of Georgia was among those Republicans who voted against the measures. She expressed her opposition via a social media post, stating, “I just voted NO on the Rule for the GENIUS Act because it does not include a ban on Central Bank Digital Currency, and because Speaker Johnson did not allow us to submit amendments to the GENIUS Act.” Greene emphasized that Trump’s executive order from January 23rd called for a CBDC ban, urging that the legislation should align with this directive.
Earlier Tuesday, Trump had publicly championed “Crypto Week” on his Truth Social platform, urging all House Republicans to support the legislation. He described the impending vote as pivotal for establishing America as a leader in the realm of digital assets, declaring, “Nobody does it better!” Trump claimed that the GENIUS Act would position the United States far ahead of competitors like China and Europe, stating, “Digital Assets are the FUTURE, and we are leading by a lot!”
While Trump’s influence often guarantees support within the Republican Party, the rejection of the crypto bills suggests a rift among party members, particularly concerning future financial frameworks and the regulation of digital currencies. Analysts are closely monitoring these developments, as the outcome could have lasting implications on both the legislative landscape and the evolving crypto market.
As the economic backdrop continues to shift, stakeholders in the cryptocurrency sphere will be eager to see how House leaders navigate the upcoming votes. Will changes to the proposals be sufficient to sway the dissident Republicans? The answer may determine not just the fate of the legislation but also the direction of U.S. crypto policy in the coming years.
Throughout the day, all eyes will be on Capitol Hill as lawmakers reassess their positions and chart the future of digital assets in America.
—Reporting contributed by CNBC’s Emily Wilkins
Original Source: https://www.cnbc.com/2025/07/15/trump-crypto-bills-fails-key-hurdle-congress.html
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Publish Date: 2025-07-16 02:10:00
