On July 15, 2025, a key vote to advance cryptocurrency legislation in the United States House of Representatives failed. The final tally was 196 votes in favor and 223 votes against. Thirteen Republicans teamed up with Democrats to block the bills. The legislation included the GENIUS Act to support digital assets, the CLARITY Act for clear regulations, and the Anti-CBDC Surveillance State Act to prevent Central Bank Digital Currency (CBDC) surveillance.
Republican Legislative Push Hit a Brick Wall
The three bills aimed to create a solid framework for digital assets and received support from some Republican members. However, concerns arose about not banning CBDCs outright, as well as dissatisfaction with the Senate’s version of the GENIUS Act. Critics, including Rep. Marjorie Taylor Greene, mentioned that the bills contradicted Trump’s executive order against CBDCs.
This failure temporarily halted “Crypto Week,” a Republican-led effort to push for clearer regulations on cryptocurrencies. The setback triggered sharp declines in crypto stocks. Coinbase (COIN) shares fell 2% to 4%, closing at $385.94, while Circle (CRCL) dropped 5% to 7%, despite a 167% gain since its $31 IPO. The stalled bills shook investor confidence in regulatory clarity.
Trump Announcement Holds Out a Lifeline
The failure of the crypto legislation may have been influenced by a campaign called “Anti-Crypto Corruption Week,” led by Representatives Maxine Waters and Stephen Lynch. This campaign aimed to raise awareness about the risks associated with digital assets. Their efforts likely convinced some Republicans to change their votes.
Additionally, some weeks before the Waters and Lynch push, U.S Senator Adam Schiff (D-CA), a democrat, introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act to prevent corruption. This bill is designed to prevent the President, Vice President, and their families from engaging in crypto-related businesses while in office.
However, despite the recent failure, Trump’s announcement about gaining support for the next vote scheduled for July 16 has renewed optimism among supporters. House Speaker Mike Johnson expressed confidence in moving the legislation forward, stating that it is essential to merge the House and Senate proposals.
As the crypto industry closely follows the upcoming vote, any outcome—whether success or failure— could significantly impact the future of these bills. The outcome will also affect the broader financial industry as cryptocurrencies continue to gain popularity. The proposed legislation aims to clarify the rules for digital assets, which could boost investor confidence.
