President Donald Trump made a bold move on July 15, urging House Republicans to support a procedural motion that would advance three crypto bills during the chamber’s “Crypto Week.” However, lawmakers resisted the bill in today’s voting session, causing a setback for the proposed legislation.
Trump took to Truth Social to advocate for the GENIUS Act, emphasizing that it would keep the US ahead of China and Europe in digital asset regulation. Despite his plea, libertarian-leaning members of the House opposed the bill after it was merged with defense spending. This unexpected turn of events was described as a “huge blow to crypto’s sway in D.C.” by journalist Jake Sherman.
Seed investor Ryan Wallace pointed out that most dissenting votes came from House Freedom Caucus members who objected to bundling the bills with the defense spending measure. Representative Chip Roy echoed this sentiment, stating that he wants a “hard ban” on a US central bank digital currency (CBDC) and views the CLARITY Act as equally important. He emphasized the need for separate debates on these crucial issues before advancing the GENIUS Act.
In response to the failed motion, Speaker Mike Johnson noted that some members wanted to prioritize the House’s product, leading to the blockage of the rule. There are rumors of a revised rule for a second vote, potentially decoupling the defense bill or splitting the crypto measures for individual debate time. If this proposal passes, floor debate on the crypto measures could commence on July 16, with final votes expected later in the week.
As tensions rise, reports indicate that Trump is “pissed” and is exerting direct pressure on lawmakers who voted against the crypto rule package. The outcome of the upcoming vote will determine the fate of the proposed crypto legislation and its impact on the digital asset industry in the US. Stay tuned for further developments on this crucial issue.