A key procedural vote in the U.S. House of Representatives stalled on Tuesday, halting progress on several high-profile cryptocurrency bills that were expected to be considered as part of the House's "Crypto Week" agenda.
Today we are going to see the United States Senate pass major crypto legislation with bipartisan support. A year ago I would’ve thought this at best was a fever dream. Think for a moment on how far we’ve come.
— paulgrewal.eth (@iampaulgrewal) June 17, 2025
Lawmakers rejected a motion to advance three pieces of legislation in a 196-223 vote earlier in the day, effectively scrapping all crypto-related votes scheduled for Tuesday. According to the House Press Gallery, no further votes were scheduled for the day, despite earlier suggestions that a second attempt might occur by 5 p.m. ET.
The stalled bills include the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the Digital Asset Market Clarity (Clarity) Act, and a proposal led by Majority Whip Tom Emmer to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to consumers.
Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act.
— Treasury Secretary Scott Bessent (@SecScottBessent) June 17, 2025
A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back…
The GENIUS Act, which has already passed the Senate, would require stablecoins to be fully backed by U.S. dollars or highly liquid assets. It would also mandate annual audits for issuers with more than $50 billion in market cap and set parameters for foreign stablecoin issuers. Lawmakers had hoped to move the bill to President Donald Trump’s desk before the end of the week.
The Clarity Act aims to establish clearer guidelines for how crypto assets are regulated, defining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill also includes investor protection measures such as mandatory disclosures for retail users and the segregation of customer and corporate funds.
Despite Tuesday’s setback, sources familiar with the matter say House leaders still aim to vote on Clarity by Wednesday and GENIUS by Thursday. However, that schedule remains fluid. Cody Carbone, CEO of the Digital Chamber, expressed confidence that the bills will advance soon.
“I’m very confident these bills move forward tomorrow after additional conversations and education,” Carbone said.
Tensions within the Republican ranks contributed to the delay. Several GOP members, including Reps. Marjorie Taylor Greene, Chip Roy, Michael Cloud, and Anna Paulina Luna, voted against the procedural rule. Rep. Greene later cited concerns about the GENIUS Act’s stance on CBDCs and the lack of opportunity to propose amendments.
“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,” she posted on X (formerly Twitter).
The Anti CBDC Surveillance Act (which is also up for a vote) specifically does just this. Come on now. https://t.co/W2Uygfynkn
— Cody Carbone (@CodyCarboneDC) July 15, 2025
Carbone pushed back, arguing that Emmer’s separate bill addresses CBDC concerns directly.
“If members are interested in banning a CBDC and competing with state-issued digital currencies around the world, the way to do so is to pass the GENIUS Act and allow the private stablecoin market to flourish in the U.S.,” he said.
With pressure mounting and time tight, some expect President Trump—who has pushed for the GENIUS Act to reach his desk before August—to personally intervene and rally support in Congress.
