A number of cryptocurrency regulation payments backed by President Donald Trump on Tuesday didn’t clear a key procedural hurdle within the Home of Representatives, dealing a significant blow to the crypto business.
The payments can not transfer ahead till the Home approves guidelines of debate for the laws. The ultimate tally of the shock vote Tuesday was 196 in favor and 223 in opposition to.
13 Republicans voted with Democrats to dam the laws from shifting ahead.
It was unclear late Tuesday what the subsequent steps for the bundle could be, after Home Republican management abruptly determined in opposition to holding one other vote the identical day.
The measures had been broadly anticipated to cross.The failure of the rule throughout what’s being billed as “Crypto Week,” was a uncommon occasion of Home Republicans refusing to take route from Trump.
Republican leaders haven’t clarified but whether or not a second vote could be for an an identical rule and the identical payments, or whether or not members would make adjustments to the bundle to fulfill GOP convention members who opposed the present movement.
Crypto-linked shares turned decrease after the vote failed.
Storm clouds hover over the U.S. Capitol on July 1, 2025 in Washington, DC.
Chip Somodevilla | Getty Pictures
Rep. Marjorie Taylor Greene, R-Ga., one of many Republicans who opposed the measure, wrote in a submit on, “I simply voted NO on the Rule for the GENIUS Act as a result of it doesn’t embody a ban on Central Financial institution Digital Foreign money and since Speaker Johnson didn’t enable us to submit amendments to the GENIUS Act.”
“President Trump included a ban on CBDC in his January twenty third government order and Congress should additionally embody the ban on CBDC within the GENIUS Act,” Greene wrote.
Trump had hailed “Crypto Week” throughout a submit on his Reality Social earlier Tuesday and urged all Home Republicans to vote “sure” on the measure.
“The Home will quickly VOTE on an amazing Invoice to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Belongings – No person does it higher!” Trump wrote.
“The GENIUS Act goes to place our Nice Nation lightyears forward of China, Europe, and all others, who’re attempting endlessly to catch up, however they simply cannot do it,” he wrote.
“Digital Belongings are the FUTURE, and we’re main by rather a lot! Get the primary Vote carried out this afternoon (ALL REPUBLICANS SHOULD VOTE YES!),” Trump continued.
— CNBC’s Emily Wilkins contributed reporting
