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

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.

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.