Washington, July 15, 2025 – What was billed as a transformative “Crypto Week” in Congress ended in abrupt turmoil—when the House of Representatives blocked a procedural vote that could have launched a wave of crypto reforms, including the landmark GENIUS Act.
🧩 1. The Promised Push That Never Materialized
Republican leaders, including Trump and Speaker Johnson, rallied behind “Crypto Week,” aiming to fast-track three key bills:
- The GENIUS Act, a bipartisan stablecoin framework that passed the Senate 68–30 on June 17 AP NewsAP News+15Wikipedia+15Barron’s+15.
- The Digital Asset Market Clarity Act, and
- The Anti‑CBDC Surveillance State Act, aimed at banning central bank digital currency The Times of India+8Barron’s+8The Block+8.
But on July 15, the procedural vote to advance these bills failed 196–223, as 13 Republicans joined all House Democrats in opposition AP News+15AP News+15Barron’s+15.
🔥 2. What Went Wrong
- Intra‑GOP fractures: Some conservatives, led by Rep. Marjorie Taylor Greene, objected to the exclusion of a formal ban on CBDCs and insisted on bundling all three bills into one legislative package Mitrade.
- Strategy misstep? The bundling brought defense appropriations into the mix—frustrating members who preferred separate votes Mitrade.
- Democratic refusal: Democrats, citing investor protections and potential conflicts linked to Trump’s crypto ties, also joined the opposition AP News.
📉 3. Shake–Ups in the Market
The fallout was swift: Bitcoin dropped about 3%, then rebounded the next day when Trump suggested the bills might still pass Bloomberg.com+8Barron’s+8Barron’s+8. Crypto stocks—MicroStrategy, Coinbase, Circle—also saw double-digit losses in some cases Barron’s.
🔄 4. What Comes Next
- Re-vote likely: Speaker Johnson announced plans to revisit the vote soon, after late-night consultations AInvest+1Reuters+1.
- Amendment demands: Hardliners are digging in—requiring new language to curb CBDCs or to decouple the bills Fortune+8Mitrade+8Barron’s+8.
- Senate–House clash: Rebundling could force the package back to the Senate, triggering new hold-ups .
🎯 Takeaway
What began as a bold push to create a national crypto framework has fizzled under House gridlock and mixed-party objections. This week’s legislative stumble highlights how even high-profile, bipartisan bills like the GENIUS Act can unravel over internal rifts and strategic miscalculations. And for the crypto market, it was a clear lesson: even the promise of regulation can ripple across global digital assets.
Want more insight?
- Read Barron’s “Trump’s ‘Crypto Week’ Set Back by House Vote” Wikipedia+12Barron’s+12Mitrade+12
- Check AP’s “Republicans declared it ‘crypto’ week… It’s not going as planned” AP News+2AP News+2Newsday+2
– Man Who Knows Nothing
