Written by: BitpushNews
What was seen as the cryptocurrency industry's 'highlight moment' in Washington—'Crypto Week'—suffered a setback on Tuesday when three cryptocurrency regulatory bills strongly promoted by Trump unexpectedly 'failed' in a procedural vote.
Tuesday's vote was finalized at 196 votes in favor and 223 votes against. Among them, 13 Republican members of the House voted against it along with the Democrats, joining forces to prevent this procedural motion to decide the bill's debate and advancement.
This means that unless the House passes the relevant rules of procedure again, these bills, which carry the industry's hopes, will not be able to enter the substantive debate stage.
'Crypto Week' Vision: Trump Personally Oversees
Earlier this week, the mood in Washington's crypto industry was high, and it was widely expected that these bills would pass smoothly.
Trump himself also promoted 'Crypto Week' on his 'Truth Social' platform, portraying it as a key step for the United States to become the 'undisputed, number one leader' in the digital asset field. He called on all Republican members of the House of Representatives to vote in favor on social media, believing that 'the GENIUS Act will put our great country light years ahead of China, Europe, and all other countries, who are endlessly chasing, but just can't do it.'
The package of cryptocurrency legislation blocked this time includes three bills that are crucial to the industry:
GENIUS Act: This bill on stablecoin regulation has already received support from some Democrats in the Senate and successfully passed last month. It aims to provide a clear regulatory framework for stablecoins and is seen as a key to unlocking wider institutional adoption.
CLARITY Act: This bill aims to clarify the classification rules for digital assets, specifying which assets should be regulated as securities by the U.S. Securities and Exchange Commission (SEC) and which should be regulated as commodities by the Commodity Futures Trading Commission (CFTC), in order to end the 'regulatory gray area' that has long plagued the industry.
Stopping Central Bank Digital Currency (CBDC) Act: This proposal aims to prohibit the Federal Reserve from creating a central bank digital currency, reflecting some members' concerns about government control of digital currency.
These bills are seen as the cornerstone of establishing a comprehensive and predictable regulatory framework in the United States for the digital asset field, and their passage could bring long-awaited certainty to the market and attract more capital and innovation.
Internal Republican 'dissent' emerges
The most notable aspect of this vote was the 'defection' of 13 Republican members of the House. According to The Hill, several Republican members of the House, including Marjorie Taylor Greene, Chip Roy, Michael Cloud, and Anna Paulina Luna, voted against it.
Marjorie Taylor Greene of Georgia publicly explained her position on social media.
She stated that (the GENIUS Act) failed to include a ban on central bank digital currencies (CBDC), and Speaker Johnson did not allow related amendments to be submitted. Greene emphasized that Trump's executive order on January 23 already included a CBDC ban, so Congress must also include it in (the GENIUS Act). She believes that 'Americans do not need a government-controlled central bank digital currency.'
House Speaker Johnson is also caught in a dilemma as a result. After the vote failed, he said that Republicans are 'still in dialogue, answering questions,' trying to appease and win the support of these conservatives.
However, he also admitted that bundling all three bills (especially the stablecoin bill passed by the Senate and the CBDC ban bill demanded by hardliners) into a 'package deal' was not feasible, and a senior Republican member of Congress bluntly stated: 'A package vote will only cause these bills to die in the Senate.' This statement reflects the strategic dilemma faced by the Republican leadership in balancing the demands of different factions within the party and ensuring legislative feasibility.
Subsequent Voting Suspense: Compromise or Stalemate?
After the news of the failed vote, cryptocurrency-related stocks fell sharply: stablecoin issuer Circle's stock price fell by more than 7%, cryptocurrency exchange Coinbase fell by more than 4%, and digital asset company MARA Holdings' stock price also fell by 2%.
House Speaker Johnson has announced his hope to restart the procedural vote on the crypto bill on Wednesday local time. The Louisiana Republican told reporters as he left the Capitol that the party was still 'in constant communication, answering members' concerns' and stressed that 'these crypto bills are a common priority for the White House, the Senate and the House of Representatives.' According to Fox News, Trump himself was 'angry' about the vote result and is communicating with relevant members of Congress.
Even so, some industry analysts remain optimistic about the bill's future. TD Cowen policy analyst Jaret Seiberg noted in a report to clients: 'We are likely to have another House vote on the rule tomorrow (Wednesday). If it doesn't happen tomorrow, it could be delayed until next week.' Seiberg further stated that he still expects the House to pass (the GENIUS Act) because 'Trump is pushing for it to take effect.' He believes that even if members of the House 'Freedom Caucus' object to accepting the Senate version of the bill, they may ultimately compromise at the president's request.
Digital Chamber CEO Cody Carbone is also confident that the bill will ultimately pass. He pointed out on social media that the best way to address the CBDC ban is through (the GENIUS Act): 'If members of Congress are interested in banning CBDCs and competing with digital currencies issued by other countries, the way to do that is through (the GENIUS Act) and allow the private stablecoin market to flourish in the United States.'
This twist confirms a reality: In Washington, even agendas strongly promoted by the president can be defeated by the delicate balance of power within the party. When technological innovation meets political games, the 'compliance path' for cryptocurrency is destined to be bumpy.