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GENIUS Act, Other Crypto Bills Blocked in U.S. House: ‘The Senate Did Not…’
A recent procedural vote by the U.S. House has led to a disappointing outcome for cryptocurrency enthusiasts and proponents of the digital asset industry. Two crypto bills, including the GENIUS Act, were blocked from further consideration on the floor due to opposition from a significant number of Republican members.
According to reports, the vote was conducted on July 15th, with a majority of Democrats voting in favor of advancing the legislation while most Republicans were opposed. The final tally resulted in a 196-223 defeat for the crypto bills, signaling a major setback for proponents.
The blocked bill includes the GENIUS Act, which aims to regulate stablecoins, specifically their issuance and exchange, with the goal of protecting consumers from potential digital bank runs. Another key piece of legislation that failed was the CLARITY Act, intended to clarify whether an asset is deemed a security or commodity, thereby defining regulatory jurisdiction.
Unfortunately, the House’s failure to advance these bills has already begun to have a tangible impact on the market. The price of USD Coin (USDC) fell by 4.58% on July 15th, while Coinbase shares dropped by 1.5%. This decline is likely due to the uncertainty and lack of regulatory clarity that these failed bills could have provided.
The House’s decision is a surprise given President Trump’s public support for cryptocurrency and blockchain technology. It remains unclear if he will intervene or if his administration will continue to advocate for pro-crypto legislation in future sessions.
Despite this setback, the possibility remains that the bills can still be passed at a later date.
Source: ambcrypto.com
