Tuesday’s procedural vote in the House ended 196–223, with thirteen Republican representatives joining Democrats to block the rule that would have allowed debate and advancement of the three crypto bills. Unless the House revises its rules, the legislation—hailed as the industry’s best chance at regulatory clarity—will stall before reaching substantive discussion.

The Vision: Trump’s Personal Push

Earlier in the week, Washington’s crypto circles were elated. Industry players expected smooth sailing for the package. President Trump himself amplified expectations on Truth Social, calling the week a watershed moment for U.S. digital-asset leadership. “Vote YES, Republicans!” he urged, promising that the GENIUS Act would “put our great nation light-years ahead of China, Europe, and every other pretender that keeps trying—and keeps failing—to catch up.”

The Legislative Trio in the Crosshairs

The now-stalled bundle contained three pillars:

• GENIUS Act – A stablecoin framework that already cleared the Senate with bipartisan support. It is seen as the key to unlocking large-scale institutional adoption.

• CLARITY Act – A rulebook that would finally decide which tokens are securities (SEC) and which are commodities (CFTC), ending the industry’s “regulatory twilight zone.”

• Anti-CBDC Act – A proposal to bar the Federal Reserve from issuing a central-bank digital currency, reflecting fears of government-controlled money.

Together, the bills were pitched as the cornerstone of a comprehensive, predictable U.S. crypto regime that could lure capital and innovation back to American shores.

Republican Defections: The 13 Rebels

The biggest shock came from within. Thirteen House Republicans—among them Marjorie Taylor Greene, Chip Roy, Michael Cloud, and Anna Paulina Luna—voted “no.” Greene took to social media to explain: the GENIUS Act, she said, omits an explicit CBDC ban, and Speaker Johnson refused to allow amendments to insert one. Invoking Trump’s own January 23 executive order that already prohibits a CBDC, Greene insisted, “Americans don’t need a government-controlled digital dollar.”

Speaker Johnson’s Dilemma

The failed vote left Speaker Mike Johnson in a bind. Afterward, he told reporters that “conversations and clarifications” were ongoing, hoping to coax the conservative holdouts back into line. Yet he conceded that bundling the Senate-passed stablecoin bill with a hardline anti-CBDC measure is “not viable.” A senior Republican aide was blunter: “Shoving everything into one package just guarantees it dies in the Senate.” The episode lays bare the GOP leadership’s struggle to balance factions without sinking the legislation altogether.

Market Jitters and the Road Ahead

Crypto-linked equities reacted instantly: Circle slid more than 7 %, Coinbase dropped over 4 %, and MARA Holdings fell 2 %. Undeterred, Speaker Johnson announced plans for a fresh procedural vote on Wednesday. “These bills remain a shared priority for the White House, the Senate, and this House,” he said. Sources told Fox News that Trump is “angry” about the setback and is personally lobbying members.

Analysts still see a path forward. TD Cowen’s Jaret Seiberg told clients, “We expect another House vote on the rule tomorrow. If not, it slips to next week.” He predicts ultimate passage of the GENIUS Act because “Trump wants it.” Even Freedom Caucus hardliners, he argues, may yield when the President applies pressure.

Digital Chamber CEO Cody Carbone echoed the optimism, tweeting that the best way to block a CBDC is “by passing GENIUS and letting private stablecoins flourish.”

Conclusion: Politics Trumps Tech—For Now

The episode is a stark reminder that in Washington, presidential muscle can still be out-maneuvered by intra-party calculus. When cutting-edge innovation collides with bare-knuckle politics, the road to crypto legitimacy remains anything but straight.

Tuesday’s procedural vote in the House ended 196–223, with thirteen Republican representatives joining Democrats to block the rule that would have allowed debate and advancement of the three crypto bills. Unless the House revises its rules, the legislation—hailed as the industry’s best chance at regulatory clarity—will stall before reaching substantive discussion.

The Vision: Trump’s Personal Push

Earlier in the week, Washington’s crypto circles were elated. Industry players expected smooth sailing for the package. President Trump himself amplified expectations on Truth Social, calling the week a watershed moment for U.S. digital-asset leadership. “Vote YES, Republicans!” he urged, promising that the GENIUS Act would “put our great nation light-years ahead of China, Europe, and every other pretender that keeps trying—and keeps failing—to catch up.”

The Legislative Trio in the Crosshairs

The now-stalled bundle contained three pillars:

• GENIUS Act – A stablecoin framework that already cleared the Senate with bipartisan support. It is seen as the key to unlocking large-scale institutional adoption.

• CLARITY Act – A rulebook that would finally decide which tokens are securities (SEC) and which are commodities (CFTC), ending the industry’s “regulatory twilight zone.”

• Anti-CBDC Act – A proposal to bar the Federal Reserve from issuing a central-bank digital currency, reflecting fears of government-controlled money.

Together, the bills were pitched as the cornerstone of a comprehensive, predictable U.S. crypto regime that could lure capital and innovation back to American shores.

Republican Defections: The 13 Rebels

The biggest shock came from within. Thirteen House Republicans—among them Marjorie Taylor Greene, Chip Roy, Michael Cloud, and Anna Paulina Luna—voted “no.” Greene took to social media to explain: the GENIUS Act, she said, omits an explicit CBDC ban, and Speaker Johnson refused to allow amendments to insert one. Invoking Trump’s own January 23 executive order that already prohibits a CBDC, Greene insisted, “Americans don’t need a government-controlled digital dollar.”

Speaker Johnson’s Dilemma

The failed vote left Speaker Mike Johnson in a bind. Afterward, he told reporters that “conversations and clarifications” were ongoing, hoping to coax the conservative holdouts back into line. Yet he conceded that bundling the Senate-passed stablecoin bill with a hardline anti-CBDC measure is “not viable.” A senior Republican aide was blunter: “Shoving everything into one package just guarantees it dies in the Senate.” The episode lays bare the GOP leadership’s struggle to balance factions without sinking the legislation altogether.

Market Jitters and the Road Ahead

Crypto-linked equities reacted instantly: Circle slid more than 7 %, Coinbase dropped over 4 %, and MARA Holdings fell 2 %. Undeterred, Speaker Johnson announced plans for a fresh procedural vote on Wednesday. “These bills remain a shared priority for the White House, the Senate, and this House,” he said. Sources told Fox News that Trump is “angry” about the setback and is personally lobbying members.

Analysts still see a path forward. TD Cowen’s Jaret Seiberg told clients, “We expect another House vote on the rule tomorrow. If not, it slips to next week.” He predicts ultimate passage of the GENIUS Act because “Trump wants it.” Even Freedom Caucus hardliners, he argues, may yield when the President applies pressure.

Digital Chamber CEO Cody Carbone echoed the optimism, tweeting that the best way to block a CBDC is “by passing GENIUS and letting private stablecoins flourish.”

Conclusion: Politics Trumps Tech—For Now

The episode is a stark reminder that in Washington, presidential muscle can still be out-maneuvered by intra-party calculus. When cutting-edge innovation collides with bare-knuckle politics, the road to crypto legitimacy remains anything but straight.