The U.S. House of Representatives Passes Cryptocurrency Bill, Cryptocurrency Stocks Soar
The cryptocurrency bill fails to pass in the House! 13 Republicans defect, concept stocks plummet across the board
The much-anticipated 'Crypto Week' encounters a political setback, with Trump’s push for the bill facing internal party opposition
⚠️ Voting results hit the market hard
On July 15, Eastern Time, the U.S. House of Representatives voted 196 in favor and 223 against, overwhelmingly rejecting the procedural motion for the cryptocurrency regulatory bill. 13 Republican lawmakers unusually defected, joining Democrats to block the bill from entering the debate phase. The impact was significant:
- Stablecoin giant Circle's stock price plummeted over 7% during the day, closing down 4.58%
- Exchange Coinbase fell 1.52%, and mining company MARA Holdings dropped 2.34%
- Bitcoin's intraday decline exceeded 5%, while altcoins like Dogecoin fell over 8%
🔥 Controversy over the bill: CBDC Ban Becomes a Stumbling Block
Among the three bills shelved this time, the 'GENIUS Stablecoin Act' became the core of division within the Republican Party. Opposition leader Marjorie Taylor Greene emphasized that the bill does not reflect Trump's January executive order demanding a 'ban on Central Bank Digital Currency (CBDC)', and the Speaker refused to vote on related amendments.
Despite Trump urging before the vote to 'Make America the world's number one in digital assets', concerns within the party over **CBDC surveillance risks** overshadowed the president's wishes. Maryland lawmaker Andy Harris bluntly stated, 'CBDC must be thoroughly crushed'.
'Crypto Week' Starts Strong but Ends Weak, Market Expectations Unmet
The previous week, with the House announcing the week of July 14 as 'Crypto Week' and planning to review three major bills, market sentiment was extremely optimistic:
- Bitcoin broke $120,000 for the first time on July 14, with a market capitalization exceeding $2.4 trillion
- Ethereum rose above $3,100, with the ETH/BTC exchange rate reaching a two-month high
However, the anticipated clarity on regulation was shattered by the voting results, and beneficiary stocks like Circle corrected from their highs. The bill could have mandated stablecoins to be 100% backed by U.S. dollars or short-term U.S. Treasury bonds, creating 'trillions in demand' for U.S. Treasuries and potentially increasing the stablecoin market size from the hundreds of billions to $2 trillion.
Industry Quickly Responds, $141 Million in Ammunition Readied
After facing a political setback, the cryptocurrency industry immediately revealed its cards:
- The political action committee Fairshake disclosed it holds $141 million in funds, targeting the 2026 midterm elections
