A sudden failure in the House of Representatives vote has put key crypto bills at risk, including initiatives on stablecoins and CBDCs. Donald Trump’s intervention has shifted the political balance.
Several important bills aimed at regulating cryptocurrencies in the United States are now in jeopardy after the House unexpectedly derailed a procedural vote on Tuesday. Thirty Republicans voted against adopting the rules required to move the legislation forward. This happened despite the bills having previously enjoyed broad bipartisan support.
Unexpected Defeat and Market Reaction
The vote result was 196 in favor and 223 against. Among those who voted “against” were Republicans who sided with Democrats. This marked a rare act of open defiance within Trump’s party, as the former president had been actively lobbying for the bills’ advancement during the so-called “Crypto Week” in Congress.
Following the news, crypto-related companies came under pressure: shares of Circle fell by 9,37%, and Coinbase dropped by 5,99%.
Message From the Oval Office
Later that evening, Trump stated via his social network Truth Social that he had met in the Oval Office with 11 of the 12 Republicans whose support was needed to approve the procedural step. According to him, all attendees agreed to change their stance and vote in favor.
Trump said that Speaker of the House Mike Johnson joined the meeting via phone and confirmed that a new vote would be scheduled as soon as possible.
Which Bills Are in Question
The first is the GENIUS Act, which has already been approved by the Senate with support from some Democrats. This bill aims to regulate stablecoin issuers.
The second is the CLARITY Act, designed to define which digital assets fall under the jurisdiction of the Securities and Exchange Commission (SEC) and which are overseen by the Commodity Futures Trading Commission (CFTC).
The third bill prohibits the Federal Reserve from launching a central bank digital currency (CBDC).
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