Trump Rescues Crypto Week After GOP Revolt
A last-minute intervention by U.S. President Donald Trump may have rescued Crypto Week after a major procedural vote collapsed, stalling key legislation.
On July 15, an attempt by the U.S. House to advance three pivotal crypto bills failed after a group of conservative Republicans rebelled, citing concerns over central bank digital currencies (CBDCs).
CBDC Concerns Derail Crypto Week Push
Announced on July 3 by House Republican Leaders and commencing on July 14, the highly anticipated Crypto Week was meant to mark a historic step toward making the U.S. a global leader in digital asset innovation.
Instead, it hit an immediate snag when a procedural vote to bring the GENIUS Act, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act to the House floor for debate failed, 196 to 223.
A group of hardline Republicans, many from the Freedom Caucus, defied party leadership to vote with the Democrats, enabling the defeat.
Journalist Eleanor Terrett identified 12 dissenters, including Reps. Andy Biggs, Tim Burchett, Chip Roy, and Marjorie Taylor Greene. Others were Andrew Clyde, Eli Crane, Andy Harris, Ana Paulina Luna from Florida’s 19th District, and Scott Perry, representing Pennsylvania’s 10th District.
Their primary objection reportedly centered on fears that the GENIUS Act could open the door to a retail central bank digital currency. According to Terrett, the bill (Section 4C) explicitly prohibits the Federal Reserve from offering “things like digital wallets, personal accounts, or anything that veers into CBDC territory.”
She clarified that House Majority Leader Steve Scalise had strategically switched his vote to “no” to preserve the option for a revote.
Deal Struck, Revote Set
President Trump had earlier taken to Truth Social to urge Republican lawmakers to pass the procedural vote, touting the GENIUS Act as key to U.S. crypto dominance.
However, following the rebellion, he invited 11 of the 12 holdouts to a meeting in the Oval Office to impress upon them the importance of passing the bills. Later, he announced that he’d secured their support for the revote scheduled for Wednesday.
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act,” Trump posted on Truth Social. “After a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule.”
The GENIUS Act, which already passed the Senate, is focused on stablecoin regulation, demanding full backing and audits. Meanwhile, the Clarity Act seeks to define SEC/CFTC oversight roles and enforce investor protections. The third piece of legislation, the Anti-CBDC Surveillance State Act, directly challenges the Fed’s authority to implement a digital dollar.
While the immediate hurdle may have been overcome, Democrats remain in opposition, citing, among others, concerns over Trump’s crypto ties and potential conflicts of interest.
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