On July 16, the U.S. Congress failed to pass a procedural vote on cryptocurrency-related bills due to internal party disagreements.
Internal GOP Rift Halts Crypto Bill Progress
The failure of the vote in the U.S. Congress stems from internal discord within the Republican Party. Speaker Mike Johnson and President Donald Trump were pushing for passage of these bills, but a faction within their party voiced concerns regarding CBDC. This led to the procedural vote failing by a margin of 196-223. Speaker Johnson stated, "We're still having conversations, answering questions from people" in response to the failed vote and added, "Hope to try again for a procedural vote on the cryptocurrency bill in the House of Representatives on Wednesday."
Market Uncertainty Amid Legislative Gridlock
The legislative impasse significantly impacted the cryptocurrency markets, causing temporary volatility. Major assets like Bitcoin and Ethereum, along with stablecoins, were under close scrutiny as stakeholders awaited clarity on the GENIUS Act and related proposals. Notably, the anti-CBDC stance within the GOP emerged as a key factor driving dissent. Market reactions ranged from short-lived turbulence to expressions of discontent from both regulators and cryptocurrency developers.
Future Voting Prospects
Another attempt to vote on the bills is expected for Wednesday, as congressional leadership seeks to find a way to reach consensus among Republican members. The lack of a clear legislative framework is anticipated to continue putting pressure on asset valuations and institutional support.
The failure of the vote on cryptocurrency bills in the U.S. Congress highlights the complex relationships within the Republican Party and the need for broader discussions on regulatory initiatives in the cryptocurrency and CBDC sectors.
