In December 2019, former President Donald Trump celebrated “Crypto Week” in Washington, D.C. On July 1, 2025, he faced a significant roadblock in his aggressive campaign to regulate cryptocurrency. House Republicans just deep-sixed a major procedural motion for his flagship legislation, against his entreaties. This legislation sought to make the United States a global trailblazer in digital assets. The final tally was 196-223, as 13 Republicans defied the party leadership to vote with Democrats and kill the measure.
Indeed, just a few days prior, Trump posted among his most direct calls for regulating cryptocurrency to Truth Social. He continued to push all House Republicans into committing their support for the proposed legislation. He promised that the House will soon advance an extraordinary bill. This legislation would ensure that America remains the unquestioned leader in all things digital assets. Nobody does it better than you! His passion ignited a grassroots movement to promote cryptocurrency. He even signed an executive order to fortify the country’s digital asset stockpile.
Despite Trump’s advocacy, the legislative effort faltered. Rep. Marjorie Taylor Greene of Georgia was one of the opponents. She expressed her dissatisfaction with the GENIUS Act, emphasizing its lack of protections against Central Bank Digital Currency. She made her opposition clear by tweeting, “I just voted NO on the Rule for the GENIUS Act. No ban on Central Bank Digital Currency in it and Speaker Johnson shut us out from being able to submit amendments.”
More importantly, the rejection of the procedural vote was a great surprise and a major turning point. It was a notable exception that showed how House Republicans repeatedly bucked Trump’s orders. Most analysts were guessing this could be an indication of deepening rifts within the party over cryptocurrency policy. In reaction to this vote, House Republican leaders could change or add provisions to the package vote, such as salt revisions, to win over these no votes.
The broader market responded poorly to the news, with shares of stablecoin issuer Circle falling more than 7%. As a result, Coinbase’s stock fell by more than 4%. At the same time, digital asset firm MARA Holdings fell by more than 2%. The signs and signals changing the legislation — all of this added to investor fears about where the legislation, where cryptocurrency regulation as a whole, is going.
As we planned “Crypto Week,” dark clouds were looming over the U.S. Capitol. Increased attention to passenger concerns. Industry insiders expressed their concerns, fearing for passage of not receiving all that they desired from the legislative process. Whether there will be a second vote remains an open question. It is particularly unclear if it will follow the same rules and include the same array of bills.