The U.S. House of Representatives experienced a voting turmoil on Tuesday but returned to the right track on Wednesday, continuing to advance three key cryptocurrency bills. Although most Republican lawmakers supported them, a few defected, and with the collective opposition from Democrats, it initially lost 209 to 220. However, the procedural vote flipped again, currently leading 217 to 212, suggesting that passage is still possible.
The vote was a complete disaster; three major crypto bills are stuck.
This week was originally the Republican Party's 'Crypto Bill Week', planning to pass three major crypto-related bills in one go, including:
GENIUS Act: Establishes a regulatory framework for stablecoins.
CLARITY Act: Clarifies the regulatory authority of the SEC and CFTC over cryptocurrencies.
CBDC Anti-Surveillance State Act: A bill to prohibit the Fed from issuing CBDCs.
However, the House vote on Tuesday failed with 196 votes in favor and 223 against, with all three bills stuck due to five Republican members being concerned that the GENIUS Act does not thoroughly ban CBDCs, resulting in their opposition.
Internal disagreements within the Republican Party; CBDC provisions will be added to CLARITY.
In response, U.S. President Trump stepped in late Tuesday night, announcing that key lawmakers had agreed to change their positions to support the bill. House Freedom Caucus Chair and Republican Andy Harris also tweeted during the voting period that they agreed to subsequently add CBDC provisions to CLARITY, which is an important step to protect the American people from government overreach.
The initially opposing Republican member Greene also changed her vote to in favor on Wednesday, but she still emphasized on X:
"The only way to truly ban CBDCs is through legislation. The GENIUS Act cannot directly ban CBDCs, nor can it maintain the people's asset custody rights."
The Democratic Party claims: this is a 'crypto scam gift package' for Trump.
Earlier on Wednesday, Democrats called on their colleagues to vote against the bill at a press conference. House Financial Services Democratic member Maxine Waters bluntly stated:
"GENIUS and CLARITY are the most dangerous bills in Congress; it's basically a gift package for Trump to continue his crypto scams."
The situation has flipped again; the bill is back on track.
On Wednesday, the House situation flipped repeatedly. Initially passing the procedural vote with 215 votes in favor and 211 against, the three major cryptocurrency bills seemed poised to advance, but the vote counts remained unstable throughout the process. Despite most Republican lawmakers supporting it, due to a few defectors and the collective opposition from Democrats, it initially lost 209 to 220. The situation flipped again, now leading slightly at 217 to 212, with hope for the bills' passage appearing.
Notably, no Democratic lawmakers cast votes in favor.
Voting continues, and all parties are awaiting good news.
The House vote is still ongoing, and Democrats are showing consistent unity in their opposition, while the Republican camp has shown cracks due to a few defectors. Currently, GENIUS has passed the Senate, and once the House completes the final vote, it can be sent directly to Trump for signing, possibly by the end of this week. The focus will shift to the deliberation process of CLARITY and the Senate version, as well as the CBDC ban bill.
This article on the three major crypto bills in the U.S. House, leading slightly at 217 to 212, with ongoing internal discord in the Republican Party, first appeared in Chain News ABMedia.