Bitcoin suffered a big decline to rest at $115,222, dropping 4% in minutes after three crypto bills linked to United States President Donald Trump were blocked in the House of Representatives. The bills collapsed during a vote where 13 Republicans chose to oppose and join Democrats to stop the motion.
According to reports, the final vote on the bill resulted in a 196-223 defeat. The news triggered an instant selloff across the market, with Ethereum and XRP sliding 1%, and Solana dropping by 2%. The failed rule vote means the legislation, which needed House approval to move forward, is dead in the water for now. The crash wiped away optimism that had been building for weeks.
Bitcoin had been making back-to-back all-time highs recently, driven by heavy institutional buying of Bitcoin ETFs and the assumption that Congress was finally ready to play ball with the industry. Meanwhile, traders pulled profits. Data from CryptoQuant shows Bitcoin holders took $3.5 billion off the table in the past day. Over 56% of those were long-term wallet cashing out.
Trump’s House loses 13 Republicans in vote as Bitcoin tumbles
This was supposed to be the week crypto got clarity from Washington, instead, Donald Trump’s party fractured. House Republicans had lined up three bills; one to regulate stablecoins, one to sort out the mess between the SEC and CFTC, and one to block the Federal Reserve from creating a central bank digital currency. But it all fell apart when 13 GOP members voted no.
The first bill, the GENIUS Act, had already cleared the Senate last month and had some Democratic backing. It aimed to create a national framework for stablecoins. The second called the CLARITY Act, would’ve decided if crypto assets fall under Gary Gensler’s SEC or the Commodity Futures Trading Commission.
The third proposal sought to permanently ban the Fed from launching any government-backed digital currency. All three are now stalled. The chaos hammered stocks, too. Riot Platforms dropped 3.3%, Mara Holdings fell 2.3%, and Coinbase slipped 1.5%. All three continued sinking in extended trading. Even Circle, the stablecoin issuer that went public with a bang last month, felt the blow. Shares of Circle fell 5% on the day.
By evening, the leadership said there might be another vote. But no one could confirm if it’d be the same bills or a reworked version to win over the rebels. “Nothing’s finalized yet,” said Nancy Mace, a Republican House member who voted yes on the rule.
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