Quick overview

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The US House of Representatives will attempt again to pass three bills related to cryptocurrencies after a failed vote on Tuesday. The delay was caused by several Republican lawmakers withdrawing support because they wanted to include a ban on central bank digital currencies (CBDCs).

 

The House Speaker Mike Johnson announced plans to push for a procedural vote on Wednesday highlighting the importance of these crypto bills to the House, Senate, and White Hou These bills include the CLARITY Act, a comprehensive bill that addresses the structure of the cryptocurrency market; the Anti-CBDC Surveillance Act, which aims to outlaw CBDCs; and the GENIUS Act, which regulates stablecoins.

Some Republicans believe the GENIUS Act should be amended or combined with the other two bills.

However, Speaker Johnson argued that the bills should be voted on one at a time because he was concerned the Senate might not approve them all together. This effort is part of the Republican-led “Crypto Week” campaign, which strives to pass crypto legislation before Congress’s August recess. Democrats have responded with an “Anti-Crypto Corruption Week” to oppose these bills.

Twelve Republican lawmakers, including House Majority Leader Steve Scalise, voted against considering the bills. Among the dissenters were Tim Burchett, Andy Biggs, Eli Crane, Michael Cloud, Marjorie Taylor Greene, Andy Harris, Anna Paulina Luna, Scott Perry, Victoria Spartz, Chip Roy, Keith Self, and Andrew Clyde.

The House adjourned without further action, although another vote to advance the bills was expected despite the setback.

President Donald Trump issued an executive order that bans the Federal Reserve from establishing a CBDC.

There is disagreement over whether the three bills should be combined into a single package, but Johnson is reportedly negotiating with the Republican holdouts to move the legislation forward. He emphasized that cooperation with the Senate and White House officials is necessary to pass all three bills. On Wednesday, the House will reconvene for a morning debate and other legislative business.

The GENIUS Act faced early obstacles in the Senate as well; however, Caitlin Long, founder and CEO of Custodia Bank, reassured that the legislation’s initial failure is not cause for concern.