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Breaking: GENIUS Act Suffers Setback In Crypto Week After Failure To Pass Key Vote

A procedural vote to pass three crypto bills, including the GENIUS Act, has failed, providing a setback during this Crypto Week.
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Breaking: GENIUS Act Suffers Setback In Crypto Week After Failure To Pass Key Vote

Highlights

  • US lawmakers have failed to clear a procedural vote for key cryptocurrency bills.
  • Sources say the House will reconvene another vote but a timeline remains unclear.
  • Donald Trump had previously urged Republicans to vote in favour of the bills.

The widely anticipated Crypto Week has hit a roadblock with the House failing to pass a crucial procedural motion. However, House members will reconvene for another round of voting as the GENIUS Act passage hangs in the balance.

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GENIUS Act Stalls As House Fails To Pass Key Vote

The U.S. House of Representatives has voted against proceeding with the consideration of this crypto bill alongside the CLARITY Act and Anti-CBDC Act. According to an X post by US-based journalist Jake Sherman, the House voted 196-222 on the procedural motion, putting a cog in the wheels of the Crypto Week.

This development negatively affects the timeline for the GENIUS Act and the two other crypto bills. As CoinGape reported, these crypto bills were on course to go through a passage vote by July 17.

House members will attempt the key procedural vote again later in the day, but it remains unclear whether the vote will pass. Previously, Trump has urged Republican lawmakers to vote in favor of the bills, noting that the stablecoin bill will put the U.S. ahead of its peers.

Some House members, like Marjorie Taylor Greene, allegedly voted against proceeding with the bills, citing the absence of a hard ban on a central bank digital currency (CBDC) in the GENIUS Act. The lawmakers argue that if passed, the GENIUS Act could serve as a “back door” for the introduction of a CBDC.

Following the failure of the procedural vote, the Democrats’ House Financial Services Committee teased the Republicans. These Democrats, led by Maxine Waters, had last week declared this week “Anti-Crypto Corruption Week” as part of an initiative to block these crypto bills.

Surprisingly, the Bitcoin price rose following the failure of the procedural vote for the GENIUS Act, and other crypto bills had failed. The flagship crypto has again climbed above the psychological $117,000 level. It is worth noting that BTC had surged to as high as $123,000, a new all-time high, on July 14 in anticipation of these crypto bills passing in the U.S. House.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he's not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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