Tuesday brought a dramatic twist to what was expected to be a landmark week for cryptocurrency legislation in the U.S. House of Representatives. Branded “Crypto Week” by Republicans, the legislative process to pass long-awaited crypto-related bills hit an unexpected procedural hurdle when 13 Republicans joined Democrats in blocking debate on the proposals. This vote temporarily halted progress on the GENIUS Act (focused on stablecoin regulation), the CLARITY Act (defining a regulatory framework for digital assets), and a bill prohibiting the creation of a U.S. central bank digital currency (CBDC). In response to the disruption, shares of related companies such as Circle and Coinbase dropped sharply, and the crypto market saw a wave of sell-offs.
However, by the evening, the deadlock appeared to break. Former President Donald Trump, a vocal supporter of crypto legislation, called key Republican holdouts to the Oval Office for an urgent meeting. According to Trump, 11 out of the 12 necessary lawmakers agreed to reverse course and support the procedural motion that would allow debate to resume on the bills. Trump stressed the importance of the legislation for ensuring U.S. leadership in digital assets, describing the GENIUS Act as a geopolitical necessity that would help the U.S. outpace China and Europe. House Speaker Mike Johnson also participated remotely, and the vote is scheduled to take place within hours.
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Create account Try a demo Download mobile app Download mobile appToday’s vote could determine the future of the U.S. regulatory framework for cryptocurrencies. The stablecoin bill, already passed by the Senate, could land on Trump’s desk before the August recess—if passed separately. However, some Republicans still demand that it be bundled with other crypto bills. Trump’s forceful intervention highlights both his political ambitions and personal stakes, considering his family’s investments in the sector. Meanwhile, critics like Marjorie Taylor Greene are calling for stronger language explicitly banning a CBDC. With over $140 million raised in crypto-linked PACs ahead of the 2026 midterm elections, today’s outcome will reveal how seriously Congress is approaching crypto regulation—and how much influence Trump still wields over the Republican Party.
Bitcoin rebounds 1.50% to $119,500, following yesterday’s correction to the $116,000 level.
