House Republicans were unsuccessful Tuesday in a vote that would have prepared the ground for discussion on the GENIUS Act and several cryptocurrency bills. The motion was defeated<\/a> 196\u2013222. This setback halted plans to establish the first federal framework for stablecoins and obstructed a corresponding crypto clarity proposal linked to the annual defense funding bill.<\/p>\n As the situation unfolded, however, markets responded. Circle\u2019s shares dropped nearly 5%. Coinbase and MARA Holdings each experienced a decline of approximately 2%.<\/p>\n As per the roll call, over a dozen Republicans joined all Democrats to oppose the measure<\/a>. Some legislators claimed they were left out of discussions on amendments.<\/p>\n I just cast a NO vote on the Rule for the GENIUS Act because it lacks a prohibition on Central Bank Digital Currency and because Speaker Johnson did not permit us to propose amendments to the GENIUS Act.<\/p>\n Americans do not favor a government-controlled Central Bank Digital Currency.\u2026 pic.twitter.com\/NnkeIOH0dE<\/a><\/p>\n \u2014 Rep. Marjorie Taylor Greene\ud83c\uddfa\ud83c\uddf8 (@RepMTG) July 15, 2025<\/a><\/p>\n<\/blockquote>\n Others desired a more robust position against central bank digital currencies<\/a>. Representative Marjorie Taylor Greene expressed her dissatisfaction on X, asserting she could not endorse a bill that did not prohibit CBDCs. She also chastised Speaker Mike Johnson for stifling dialogue.<\/p>\n According to reports<\/a>, the GENIUS Act had earlier secured Senate approval with a 68\u201330 vote on June 17, 2025. Senators from both parties supported it as a means to bring stablecoins under US oversight.<\/p>\n However, House conservatives contended that the proposal should incorporate language to prevent the Federal Reserve from launching its own digital currency. This division left leadership scrambling to garner sufficient votes to proceed.<\/p>\n House leaders attempted to merge the crypto initiatives with the defense appropriations bill. They anticipated that combining a high-profile spending bill with the GENIUS Act would facilitate the process.<\/p>\n Nonetheless, critics from both factions raised objections. Defense proponents claimed their funding strategy warranted a separate debate. Crypto advocates demanded further alterations. The assembly never got the opportunity to reach the floor.<\/p>\n Meanwhile, industry organizations have invested at least $245\u202fmillion in the 2024 election cycle to advocate pro\u2011crypto policies. Fairshake, a crypto political action committee, currently retains $141\u202fmillion in reserves for future lobbying actions ahead of the 2026 midterms.<\/p>\n Treasury Secretary Scott Bessent has indicated that US stablecoins may expand to over $2\u202ftrillion if a federal framework is established. Additionally, US President Donald Trump\u2019s January executive order had requested a CBDC ban across all federal agencies. Those substantial figures emphasize what\u2019s at stake for an industry seeking transparent regulations.<\/p>\n Featured image from SocialStudiesHelp.com, chart from TradingView<\/em><\/p>\n Editorial Process<\/strong> for bitcoinist is focused on delivering thoroughly researched, precise, and impartial content. We maintain stringent sourcing standards, and each page undergoes careful evaluation by our team of leading technology specialists and seasoned editors. This method guarantees the integrity, relevance, and value of our material for our audience.<\/p>\n<\/p><\/div>\n<\/p><\/div>\nSignificant Divide Among Republicans<\/h2>\n
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Major Senate Endorsement Meets House Resistance<\/h2>\n
Bundling Provokes Backlash<\/h3>\n
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<\/p>\nRep. Greene and others stated that the bill must adopt Trump\u2019s January prohibition on CBDCs in federal agencies. Image: AP.<\/pre>\n
Pro-Crypto Position<\/h3>\n
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