House Republicans fell short Tuesday in a vote that would have set the stage for debate on the GENIUS Act and a suite of crypto bills. The motion lost 196–222. That failure paused the plan to create the first federal rulebook for stablecoins and blocked a related crypto clarity proposal alongside the annual defense spending bill.
As this developed, though, markets reacted. Shares of Circle slid almost 5%. Coinbase and MARA Holdings each dipped about 2%.
Deep Rift Among Republicans
According to the roll call, more than a dozen Republicans joined all Democrats to oppose the rule. Some lawmakers said they were kept out of the loop on amendments.
I just voted NO on the Rule for the GENIUS Act because it does not include a ban on Central Bank Digital Currency and because Speaker Johnson did not allow us to submit amendments to the GENIUS Act.
Americans do not want a government-controlled Central Bank Digital Currency.… pic.twitter.com/NnkeIOH0dE
— Rep. Marjorie Taylor Greene
(@RepMTG) July 15, 2025
Others wanted a stronger stance against central bank digital currencies. Representative Marjorie Taylor Greene voiced her complaints on X, saying she could not support a bill that did not ban CBDCs. She also criticized Speaker Mike Johnson for cutting off debate.
Sizable Senate Approval Meets House Pushback
Based on reports, the GENIUS Act had already passed the Senate in a 68–30 vote on June 17, 2025. Senators from both parties backed it as a way to bring stablecoins under US oversight.
But House conservatives argued that the measure should include language to stop the Federal Reserve from issuing its own digital currency. That split left leadership scrambling to win enough votes to move forward.
Bundling Sparks Backlash
House leaders had tried to bundle the crypto measures with the defense appropriations bill. They hoped that mixing a high‑profile spending bill with the GENIUS Act would smooth the process.
Instead, critics on both sides cried foul. Defense hawks said their funding plan deserved a standalone debate. Crypto hardliners pressed for more changes. The package never got a chance to reach the floor.
Pro-Crypto Stance
Meanwhile, industry groups have spent at least $245 million in the 2024 election cycle to push pro‑crypto policies. Fairshake, a crypto political action committee, still holds $141 million in cash for future lobbying ahead of the 2026 midterms.
Treasury Secretary Scott Bessent has suggested that US stablecoins could grow to more than $2 trillion if a federal framework arrives. And US President Donald Trump’s January executive order had called for a CBDC ban in all federal agencies. Those high numbers underscore what’s at stake for an industry seeking clear rules.
Featured image from SocialStudiesHelp.com, chart from TradingView
