Three key bills on stablecoin and CBDC blocked after procedural vote, disrupting Trump's digital asset leadership strategy.
The US House of Representatives rejected the procedural vote on July 15, preventing the official review of three key crypto bills within the framework of the "Crypto Week" initiated by the Republican Party. This move disrupted the momentum of building a comprehensive legal framework for digital assets in the US, despite strong support from former President Donald Trump and increasing expectations from the crypto asset community.
The blocked bill package included the GENIUS Act for stablecoin regulation, the CLARITY Act to clarify the legal nature of tokens, and the State CBDC Surveillance Prevention Act. These bills were designed to establish a legal corridor for stablecoins, clearly distinguish between digital commodities and securities, and prohibit the issuance of central bank digital currencies.
The collapse of this initiative stemmed from opposition from some conservative Republican and Democratic representatives regarding how to combine the bills. Representative Marjorie Taylor Greene (R-GA) explained on the X platform: "I just voted AGAINST the Rule for the GENIUS Act because it did not include a CBDC ban and because House Speaker Johnson did not allow us to make amendments to this bill."
Controversies surrounding CBDC and legislative future
Fox Business reporter Eleanor Terrett reported that many House members were concerned that the GENIUS Act might inadvertently facilitate CBDC, despite the bill having a clear provision prohibiting the Federal Reserve from issuing CBDC to consumers. The bill stipulates that it should not be understood as expanding the Fed's authority to provide direct services to the public, such as electronic wallets or personal accounts, thereby excluding the possibility of retail CBDC deployment.
The market immediately reacted with Circle Internet Group (NYSE: CRCL) stock dropping 4.6% and Coinbase Global (Nasdaq: COIN) declining 1.5% before both slightly recovering. House Speaker Mike Johnson (R-LA) committed to continuing discussions with members and intends to bring the bill package back for voting soon.
Before the vote, former President Donald Trump posted on Truth Social calling for support: "The House is about to vote on a fantastic bill to make America the absolute leader in digital assets... This is our moment." He emphasized: "The GENIUS Act will help our great nation far surpass China, Europe, and all other competitors – those who always try to catch up but cannot."
Senator Bill Hagerty called the GENIUS Act a "breakthrough bipartisan bill to regulate stablecoins" and affirmed: "The Senate is committed to completing the work and building a digital asset framework that reflects American values, built by Americans." Although the Federal Reserve has not yet announced CBDC issuance plans, representatives continue to express concerns about privacy and government control.
Despite legislative barriers, observers note that the policy debate has reached a more urgent level. Industry organizations remain optimistic that the momentum in the Senate and strong interest from institutional investors will drive the passage of a national legal framework for digital assets in the near future.
