U.S. Lawmakers Set for Pivotal Re-Vote on Key Crypto Legislation After Initial Setback

U.S. House to Reconsider Major Cryptocurrency Bills Amidst Internal Disputes

The United States House of Representatives is gearing up for a crucial vote on Wednesday, July 16, that could shape the future of cryptocurrency regulation in the country. This comes after a surprising procedural defeat on Tuesday, where a trio of significant crypto bills was blocked from advancing due to divisions within the Republican party.

As reported by Politico, Speaker Mike Johnson addressed the setback late Tuesday, revealing that Republican leaders are working to reconcile internal disagreements following a failed 196-222 procedural vote. This defeat temporarily stalled a long-anticipated legislative package aimed at providing much-needed clarity to the digital asset space.

What’s at Stake: GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance Legislation

The legislative efforts center on three bills: the GENIUS Act, designed to establish regulatory frameworks for stablecoins; the CLARITY Act, which seeks to officially differentiate between cryptocurrencies that are securities versus commodities; and the Anti-CBDC Surveillance State Act, a measure that would prevent the creation of a U.S. central bank digital currency (CBDC).

Despite the setback, Speaker Johnson remained optimistic, stating that discussions are ongoing and he believes there is enough support for the rule to pass on a second attempt. He also highlighted the bipartisan attention these crypto bills are receiving from the White House, the Senate, and the House itself—underlining their prominence on the national legislative agenda.

Divisions and Debates: Internal GOP and Democratic Opposition

Key hurdles remain, particularly from conservative House Republicans who are urging party leaders to group all three bills into a single package to increase negotiating leverage with the Senate. Notably, the Senate recently approved the GENIUS Act with broad support, adding pressure for House action. However, Speaker Johnson and senior Republicans cautioned that bundling the measures could create procedural complications in the Senate, potentially dooming the reforms.

Democratic opposition further complicated Tuesday’s proceedings. Some lawmakers voiced apprehensions about insufficient consumer protections and flagged potential conflicts of interest stemming from former President Trump’s ventures in the crypto sector, including World Liberty Financial.

Crypto Market Reacts to Legislative Uncertainty

The failed vote—coming during what many dubbed "Crypto Week" on Capitol Hill—sent shockwaves through the cryptocurrency market. Bitcoin’s price fell below $117,000, and shares of major crypto-related companies like Coinbase and Circle dropped more than 4% and 7%, respectively.

With the Senate’s earlier approval of the GENIUS Act fueling optimism among digital asset advocates, market participants and blockchain industry observers are watching the House’s next moves closely. While there is hope that at least the stablecoin regulation will move forward, more contentious proposals like the Anti-CBDC Surveillance State Act may continue to face resistance in the upper chamber.

The outcome of Wednesday’s re-vote could have a profound impact on the regulatory landscape for cryptocurrencies in the U.S., influencing everything from stablecoin governance to the future of a potential digital dollar.