Landmark crypto legislation faced a major setback in the U.S. House of Representatives during “Crypto Week” after a key procedural vote failed – the motion to advance three key crypto bills was defeated with 196 votes in favor and 223 against.
The main bills in question were the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), the Digital Asset Market Clarity (Clarity) Act and the Anti-CBDC Surveillance State Act.
Several House Republicans, including members of the House Freedom Caucus, voted “no” due to concerns over how the GENIUS Act addressed central bank digital currencies (CBDCs) and the lack of opportunity to amend the bill.
“Americans do not want a government-controlled Central Bank Digital Currency. Republicans have a duty to ban CBDC,” said Rep. Marjorie Taylor Greene on X.
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Greene was among the twelve Republicans who voted no, as was Rep. Ann Paulina Luna, who said she voted against the rule because it would’ve allowed the crypto bill to come to the floor with a “back door” to a CBDC, according to Punchbowl News’ Laura Weiss.
Some legislators also voiced frustration with House Speaker Mike Johnson for not permitting amendments, contributing to the bill’s failure.
All scheduled votes on the crypto bills were canceled for the day. No further votes were expected until at least the following day, though lawmakers signaled intentions to try again soon.
“If you’re going to declare a ‘crypto week’ maybe make sure your entire caucus is on board first? Idk, just a thought,” said the Democrats’ House Financial Services Committee on X.