The crypto community was hit with a shock today as three major U.S. crypto bills failed to pass the House of Representatives โ halting what many dubbed โCrypto Weekโ in Washington.
๐ The Vote: What Went Wrong?
In a 196โ223 vote, the House rejected three pivotal bills:
๐น GENIUS Act โ Proposed comprehensive rules for stablecoins
๐น Digital Asset Market Structure Clarity Act โ Aimed to clearly define crypto regulation
๐น Anti-CBDC Surveillance State Act โ Sought to ban government-issued CBDCs
The failure came as Republicans couldnโt unify, while Democrats opposed the measures outright. Speaker Mike Johnson confirmed there would be no further votes today
๐ Market Impact
The market reacted immediately to the legislative setback:
Circle (USDC issuer): -4%
Coinbase (COIN): -1.5%
Bitcoin (BTC): -3.1%, now trading near $118,038
Investors were clearly hoping for progress on regulatory clarity โ and the delay spooked short-term sentiment.
Trump also warned that this delay could allow China ๐จ๐ณ and the EU ๐ช๐บ to take the lead in crypto innovation โ a potential blow to U.S. dominance in Web3 development.
Heโs now pushing for a re-vote and vowed to rally more GOP support.
Although Crypto Week stumbled, itโs not over.
๐ Talks are still happening behind the scenes
๐ Trump is likely to push hard for a second round
๐ U.S. regulators remain under pressure to act โ or risk falling behind global leaders in digital asset policy
The rejection of these bills is a temporary pause, not a permanent defeat. Whether you're bullish or cautious, one thing is clear: crypto regulation is now front and center in U.S. politics.
Can Trump rally support and revive the momentum?
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