In a significant blow to the Trump administration, House Republicans were unable to progress on a key procedural vote regarding a package of legislation that included three critical crypto measures. This legislative package has been a top priority for former President Donald Trump. A coalition of a dozen House Republicans broke ranks, joining forces with the entire Democratic caucus to halt the advancement of the bills, resulting in a temporary standstill in the House. The final vote count stood at 196-223, reflecting a divide within the Republican party.
Speaker Mike Johnson acknowledged that he had anticipated some opposition to the legislation but felt it was essential to attempt to advance the bills. With a narrow Republican majority in the House—220 Republicans compared to 212 Democrats—every vote counts. Johnson expressed his intent to collaborate with the Republican dissenters to address their concerns, although he noted that no further votes were scheduled for Tuesday. He explained that the conservatives who voted against the procedural rule preferred to consolidate the crypto bills—CLARITY, GENIUS, and the Anti-CBDC Surveillance Act—into a single comprehensive package rather than vote on each measure individually.
This internal rebellion within the Republican party is particularly notable given Trump's vocal support for the crypto bills. Trump recently emphasized the importance of the GENIUS Act, claiming it would propel the United States ahead of global competitors like China and Europe. On Truth Social, he urged all Republicans to support the advancement of the bills, stating, "Digital Assets are the FUTURE, and we are leading by a lot!"
The no votes came from notable Republican figures, including Reps. Andy Biggs, Tim Burchett, Marjorie Taylor Greene, and others. Majority Leader Steve Scalise also changed his vote to no to maintain the possibility of revisiting the measure later. Rep. Anna Paulina Luna, a Florida Republican, voiced her support for crypto but explained her opposition to the procedural vote stemmed from concerns about a potential backdoor for a Central Bank Digital Currency (CBDC). Greene echoed this sentiment, stating her disapproval of the GENIUS Act was due to its lack of a ban on CBDC.
Greene took to social media to express her concerns, stating, "Americans do not want a government-controlled Central Bank Digital Currency." She emphasized that Republicans have an obligation to ban CBDCs, referencing a January 23rd executive order from Trump that included such a ban. The timing of this vote coincided with what the White House has dubbed "Crypto Week," indicating the administration's commitment to advancing digital asset initiatives.
As discussions continue, Speaker Johnson remains hopeful that a solution can be reached with Republican holdouts. The push for a unified package reflects ongoing tensions within the party regarding the best approach to regulate and promote cryptocurrency and related technologies. Trump's previous statements highlight his belief in the potential of the crypto industry, asserting that it is vital for the U.S. to lead in this space, particularly as competitors like China seek to catch up.
As the situation develops, all eyes will be on House leadership and their efforts to navigate this complex legislative landscape, balancing the interests of both party members and the broader goals of the Trump administration regarding cryptocurrency and digital innovation.
