Storm clouds hover over the U.S. Capitol on July 1, 2025 in Washington, DC.
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Several cryptocurrency-related bills backed by President Donald Trump failed to clear a key procedural hurdle in the House of Representatives on Tuesday, dealing a major blow to the crypto industry.
The final vote on the rule was 196-223, with 13 Republicans voting with Democrats to block the procedural motion. The measure cannot move forward until the House approves the rule, which governs debate for legislation.
House leadership tentatively plans to hold another vote later in the day Tuesday to advance the legislation.
It was unclear Tuesday whether the second vote would be for an identical rule and the same bills, or whether House Republican leaders would make changes to the package to satisfy the defectors, which were predominately GOP hardliners.
Crypto-linked stocks turned lower after the vote failed. Shares of stablecoin company Circle dropped more than 7% on the news, while Coinbase fell more than 4% and digital asset firm MARA Holdings dipped more than 2%.
Rep. Marjorie Taylor Greene, R-Ga., was one of the more than a dozen House Republicans to vote against the rule to advance the legislation.
“I just voted NO on the Rule for the GENIUS Act because it does not include a ban on Central Bank Digital Currency and because Speaker Johnson did not allow us to submit amendments to the GENIUS Act,” Greene wrote on X after the vote.
“President Trump included a ban on CBDC in his January 23rd executive order and Congress must also include the ban on CBDC in the GENIUS Act,” she continued, referring to Trump’s order promoting the advancement of cryptocurrencies.
The vote — which came during what is being billed as “Crypto Week” — was a rare instance of House Republicans refusing to take direction from Trump. The measures were widely expected to clear the House.
Trump hailed “Crypto Week” during a post on his Truth Social earlier on Tuesday and urged all House Republicans to vote “yes” on the measure.
“The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets – Nobody does it better!” Trump wrote.
“The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it,” he wrote.
“Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!),” Trump continued.
— CNBC’s Emily Wilkins contributed reporting
