According to the latest report, 13 House Republicans joined Democrats to block a procedural vote that would have allowed debate on a package of crypto bills praised by US President Donald Trump just a few hours ago.
(Source: Solid Intel on X)
The measure failed 196-223, dealing a major blow to “Crypto Week” and leaving the House unable to advance any legislation until further notice.
Now, the House is expected to hold another vote on the crypto bill rule this afternoon, as the latest report suggests that Trump is “furious” and personally pressuring GOP holdouts who opposed it.
Trump Wants to Make Crypto Capital of the World
Just hours before the vote, Trump had rallied support on Truth Social, calling the GENIUS Act a way to make the US the undisputed leader in digital assets.
But the effort collapsed after GOP defectors sided with Democrats, sinking the rule needed to even bring the bills to the floor.
House Majority Leader Steve Scalise quickly moved to revisit the vote later, but for now, the House is in recess, leaving crypto markets and advocates in limbo.
The failed vote shows another example of Republican infighting, as a small faction continues to buck party leadership on key issues. This denial broke many hearts in the crypto community and crushed hopes for regulatory clarity and US leadership in digital assets.
“The House failed to pass the rule to even debate Trump-backed crypto bills. Markets were ready for momentum. Instead? A brick wall,” one user writes on X.
“The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon,” US President Donald Trump stated in a post on Truth Social.
“This is our moment – Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE. We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!,” he added further.
Under Trump’s pro-crypto policies, the crypto community expects a clear regulatory framework for digital assets. However, persistent opposition from Democrats to Trump’s legislative efforts could delay the process.
At the time of writing, Bitcoin has plunged to $116,549 with a 2.79% drop, according to CoinMarketCap. This shows negative sentiment in the crypto community. However, it does not seem that this news will end the bullish momentum that pushed BTC to new all-time highs at $123,000.
Also Read: Trump’s 2% Rate Cut Demand May Push Bitcoin Past $110K
