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Julia Smith
Author
Julia Smith
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Several key pieces of crypto legislation failed to find a path forward through Congress on Tuesday despite enthusiasm from the Republican-declared “Crypto Week.”
Crypto Legislation Faces a Major Setback
The July 14 procedural vote saw 196 U.S. lawmakers in favor of advancing the pieces of digital asset legislation, with 223 against the move.
Reports indicate that the vote fell apart after a group of House Freedom Caucus politicians voted no on the grounds that the crypto bills did not sufficiently address problems surrounding central bank digital currencies (CBDCs), along with other concerns.
A successful vote would have largely been seen as a landmark moment for pro-crypto proponents as it included key legislation such as the GENIUS Act and CLARITY Act.
Unclear How U.S. Lawmakers Will Move Forward After Shock Vote
News of the failed procedural vote comes shortly after U.S. President Donald Trump called on Republican lawmakers to pass the digital asset bills in a Tuesday, July 15, Truth Social post.
“This is our moment—Digital Assets, GENIUS, Clarity,” Trump wrote. “It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE.”
“We are leading the World, and will work hard with the Senate and the House to get even more legislation passed,” he added.
While Republicans are referring to the week of July 14 as “Crypto Week” on Capitol Hill, Democratic heavyweights have pushed back by also declaring this week as “Anti-Crypto Corruption Week.”
In a July 11 notice posted on the House Financial Services Committee’s website, Ranking Member of the House Financial Services Committee Maxine Waters (D-CA) and Congressman Stephen Lynch (D-MA) claimed Republicans are trying to pass “dangerous pieces of crypto legislation.”
“Aside from lacking urgently needed consumer protections and national security guardrails, these bills would make Congress complicit in Trump’s unprecedented crypto scam—one that has personally enriched himself, his entire family, and the billionaire insiders in his cabinet, all while defrauding investors,” Waters said.
With the crypto bills currently stalled, it is still unclear how U.S. lawmakers will proceed.
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