16.07.2025 20:27

The House narrowly approved a procedural motion on Wednesday, July 16th, paving the way for a crucial vote on significant cryptocurrency legislation. The 215-211 vote followed a dramatic reversal of fortune, overcoming initial Republican opposition that had stalled the process the previous day.

Thirteen Republican representatives initially blocked the motion due to concerns that the GENIUS Act, a key component of the legislative package, lacked explicit language prohibiting a central bank digital currency (CBDC) in the United States. This unexpected roadblock threatened to derail the entire legislative process.

However, a White House meeting convened by President Donald Trump on Tuesday evening dramatically altered the political landscape. Following private discussions with the dissenting Republicans, several lawmakers changed their votes, effectively rescuing the legislation from defeat. Among those who shifted their stance was Representative Marjorie Taylor Greene, a prominent figure known for her outspoken views. Her change of heart, along with others from the House Freedom Caucus, was pivotal in securing the necessary votes. Representative Anna Paulina Luna, another key figure in the initial opposition, publicly confirmed a compromise had been reached, assuring that the agreement effectively prevents the establishment of a US CBDC.

With the procedural motion now passed, three major cryptocurrency bills will proceed to the final stages of House debate. These include the GENIUS Act, designed to establish a federal framework for stablecoins; the CLARITY Act, addressing the classification of crypto assets; and a separate bill explicitly aimed at banning a US CBDC. The resumption of "Crypto Week" signifies a renewed push for comprehensive crypto regulation in the United States, following the successful resolution of the earlier impasse.