In a dramatic turn of events on July 15, the U.S. House of Representatives halted the momentum of crucial cryptocurrency legislation, casting a shadow over what was expected to be a pivotal week for America’s digital asset future. Despite growing enthusiasm in the Senate and a clear push from institutional interests, the procedural vote failed to advance three landmark crypto bills—GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance Act.
This setback came during the so-called “Crypto Week,” a Republican-led initiative aimed at propelling the U.S. into the forefront of digital asset regulation. The package of bills was designed to address key concerns in the crypto space: establishing clarity over whether digital tokens are commodities or securities, placing guardrails around stablecoins, and preemptively banning a central bank digital currency (CBDC) to prevent potential government surveillance.
Political Infighting Derails Momentum
The initiative stumbled due to internal friction within the Republican party. A number of conservative lawmakers sided with Democrats to reject the procedural rules governing the bill’s advancement. Representative Marjorie Taylor Greene (R-GA) publicly voiced her opposition on X (formerly Twitter), citing the GENIUS Act’s lack of an explicit CBDC ban and criticizing House Speaker Mike Johnson for not allowing proposed amendments.
“I just voted NO on the GENIUS Act rule because it does not include a CBDC ban,” Greene wrote. “And because Speaker Johnson didn’t allow amendments.”
Despite critics claiming the GENIUS Act could pave the way for a CBDC, the bill includes language that specifically prohibits the Federal Reserve from offering retail-level digital services such as wallets or personal accounts. It aims to ensure that the Fed cannot develop or distribute a retail CBDC, a central concern for privacy advocates.
Speaker Johnson acknowledged the setback but signaled that the package may return to the floor soon after further discussions with lawmakers. Market reactions were swift—shares of Circle Internet Group (NYSE: CRCL) dropped 4.6%, and Coinbase Global (Nasdaq: COIN) slipped 1.5% before rebounding.
Trump’s Digital Asset Vision
Amid the legislative gridlock, former President Donald Trump weighed in with a forceful endorsement on his social media platform, Truth Social. Trump framed the GENIUS Act as a transformative step to secure America’s global leadership in the digital asset space.
“The House is about to vote on a fantastic bill to make America the number one, undisputed leader in digital assets… This is our moment,” Trump proclaimed. “The GENIUS Act will push our great nation far ahead of China, Europe, and everyone else who is desperately trying to catch up.”
Trump’s statement marks one of his strongest stances yet on cryptocurrency, solidifying his pivot toward pro-crypto policy amid increasing interest from both voters and Wall Street.
Senate Steps Into the Spotlight
While the House falters, the Senate appears poised to pick up the mantle. Senator Bill Hagerty took to social media to highlight the bipartisan nature of the GENIUS Act, calling it “a landmark bill to regulate stablecoins.” He also praised the Anti-CBDC Surveillance Act as a vital safeguard against government overreach.
“The Senate is committed to getting this done,” Hagerty emphasized, “and to passing a digital asset framework built by and for American values.”
Although the Federal Reserve has not signaled immediate plans to launch a CBDC, concerns over surveillance, control, and individual privacy remain top of mind for lawmakers and the public alike.
Industry Outlook: Cautious but Hopeful
Despite legislative headwinds, stakeholders in the digital asset ecosystem remain optimistic. Analysts point to rising institutional demand, clearer Senate support, and broader public awareness as indicators that a comprehensive national framework is still within reach.
“The policy conversation has clearly matured,” said one senior executive at a digital asset firm. “Even with delays, we’re closer than ever to having real regulatory clarity.”
The recent debate underscores the complex and often contentious road toward U.S. crypto regulation. But as political leaders like Trump throw their weight behind the movement and institutional players clamor for rules of the road, the push for American dominance in digital assets is far from over.
As one Capitol Hill observer put it, “Crypto legislation may have hit a speed bump in the House—but this road is still wide open.”
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