Storm clouds hover over the U.S. Capitol on July 1, 2025 in Washington, DC.
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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 trade.
The ultimate vote on the rule was 196-223, with 13 Republicans voting with Democrats to dam the procedural movement. The measure can not transfer ahead till the Home approves the rule, which governs debate for laws.
The vote, throughout what’s being billed as “Crypto Week,” was a uncommon occasion of Home Republicans refusing to take route from Trump. The measures had been broadly anticipated to cross.
Home management tentatively plans to carry one other vote later Tuesday to attempt to advance the laws.
It was unclear whether or not the second vote can be for an similar rule and the identical payments, or whether or not Home Republican leaders would make modifications to the bundle to fulfill GOP caucus members who opposed the movement.
Crypto-linked shares turned decrease after the vote failed.
Shares of the stablecoin firm Circle dropped greater than 7% on the information, whereas Coinbase fell greater than 4%. Shares of the digital asset agency MARA Holdings dipped greater than 2%.
One of many three payments in limbo after the failed vote is the GENIUS Act, which handed the Senate final month with some Democratic help. The GENIUS Act seeks to manage stablecoins.
One other invoice, the CLARITY Act, would set up guidelines for whether or not an asset is regulated as a safety by the Securities and Alternate Fee or as a commodity overseen by the Commodity Futures Buying and selling Fee.
The third proposal would stop the Federal Reserve from making a central financial institution digital foreign money.
Rep. Marjorie Taylor Greene, R-Ga., one of many Republicans who opposed the measure, wrote in a put up 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 Forex and since Speaker Johnson didn’t permit us to submit amendments to the GENIUS Act.”
“President Trump included a ban on CBDC in his January twenty third govt order and Congress should additionally embody the ban on CBDC within the GENIUS Act,” Greene wrote.
Trump had hailed “Crypto Week” throughout a put up on his Fact 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 Property – No one 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 only cannot do it,” he wrote.
“Digital Property are the FUTURE, and we’re main by loads! Get the primary Vote carried out this afternoon (ALL REPUBLICANS SHOULD VOTE YES!),” Trump continued.
— CNBC’s Emily Wilkins contributed reporting
