Key Points:
- House Republicans’ procedural motion to advance three major crypto bills was defeated 196–223.
- The GENIUS Act (stablecoin framework) and Clarity Act (crypto market definitions) were among the stalled measures.
- A revolt by conservative Republicans over CBDC concerns blocked the vote.
- The impasse delays not only crypto legislation but also the 2026 defense appropriations and Trump’s $94 billion spending cut package.
- Market reactions were muted, but crypto industry lobbying intensifies ahead of future votes.
Background: The Promise of “Crypto Week”
In mid-July 2025, House leadership designated a series of days as “Crypto Week,” aiming to consider three landmark bills that would clarify and regulate digital assets in the United States. These measures included:
- The GENIUS Act: Establishing a comprehensive regulatory framework for stablecoins.
- The Clarity Act: Defining which digital tokens should be treated as commodities.
- A CBDC Prohibition Bill: Explicitly banning any development of a U.S. central bank digital currency.
The strategy was to bundle these bills under a single procedural motion to expedite debate and potential floor votes. However, deep divisions within the Republican majority derailed this plan.
Details of the Procedural Vote
On July 15, 2025 (U.S. ET), the House held a procedural motion to advance the three bills. The result was:
- 196 votes in favor of proceeding
- 223 votes against proceeding
This outcome marked a clear defeat of the motion, preventing debate on the underlying legislation. The vote breakdown is illustrated below:
(See bar chart of vote counts above)
Key Opponents and Their Concerns
Despite strong backing from House leadership and the Trump administration, thirteen House Republicans crossed party lines to oppose the motion. Prominent dissenters included:
- Rep. Marjorie Taylor Greene (R-GA): Argued that the GENIUS Act did not fully ban CBDCs per Trump’s executive order.
- Rep. Chip Roy (R-TX): Criticized the absence of a “strict prohibition” clause against CBDCs.
- Rep. Anna Paulina Luna (R-FL): Warned that the framework opened a “backdoor” for CBDC adoption.
Many conservatives felt the bills fell short of their mandates, particularly around central bank digital currency prohibitions.
Impact on Broader Legislative Agenda
The failure of the crypto motion has ripple effects across the House calendar. Scheduled debates on the 2026 defense appropriations and President Trump’s $94 billion spending cut package are now in limbo. The Senate is expected to amend those defense bills later in the week, but with the House’s agenda unclear, coordination challenges loom.
Market and Industry Reactions
Following the vote, shares of major crypto firms such as Coinbase and Circle Internet dipped by around 3 percent, reflecting investor nervousness over regulatory uncertainty. Crypto industry super PACs have been mobilizing unprecedented fundraising efforts, seeking to influence upcoming votes. Ripple Labs CEO Brad Garlinghouse has actively engaged lawmakers to secure a smoother path forward for stablecoin legislation.
Senate Progress and Legislative Outlook
Contrasting the House setback, the Senate has shown momentum on crypto regulation:
- On June 11, senior senators circulated a draft compromise to regulate stablecoins and digital tokens.
- The Senate passed a landmark stablecoin framework by a 68–30 bipartisan vote on June 17, 2025.
If the House revives its vote, these Senate-approved measures could be sent back swiftly, potentially forcing a conference committee to reconcile differences.
Global Regulatory Context: Europe and Beyond
While U.S. lawmakers wrestle with procedural hurdles, regulators abroad are advancing stablecoin frameworks:
- European Union (MiCA): Under MiCA, stablecoin issuers require supervisory approval and must maintain a liquid, low-risk asset backing pool.
- United Kingdom: The Financial Conduct Authority’s recent consultation calls for minimum on‑demand bank deposits and comprehensive disclosures from issuers.
- Asia-Pacific: Several jurisdictions, including Singapore and Hong Kong, have introduced sandbox environments to pilot stablecoin usage, reflecting a global “summer of stablecoin” trend.
Venture Capital and Industry Funding Trends
Crypto venture capital remains robust despite legislative uncertainty. In Q2 2025, global crypto funding reached approximately $10.03 billion, with June alone accounting for $5.14 billion—the highest monthly total since January 2022. Investors are focusing on decentralized finance (DeFi) protocols, layer‑2 scaling solutions, and institutional-grade custody services.
Practical Implications for Crypto Projects
For projects seeking to issue or utilize stablecoins in the U.S., immediate takeaways include:
- Monitor House Leadership Signals: Future procedural votes may be scheduled once GOP factions reconcile.
- Align with Senate Language: Draft whitepapers and compliance docs according to the Senate’s bipartisan framework, which has clearer federal definitions.
- Prepare for Global Compliance: Integrate MiCA and UK regulatory requirements early to enable cross-border operations.
Conclusion
The defeat of the House’s procedural motion marks a significant stumble for U.S. crypto legislation, driven by intra-party disputes over CBDC prohibitions. While the Senate has made strides, the path forward in the House remains uncertain. Crypto firms and industry advocates will need to intensify lobbying efforts and prepare operational frameworks in line with both U.S. and international regulations. As lawmakers regroup, the coming weeks will be critical for determining whether the “Crypto Week” vision can be resurrected or if regulatory clarity will remain out of reach—potentially delaying U.S. leadership in the rapidly evolving digital asset arena.
