Vote Delayed After 13 Republicans Retracted Their Votes

The Crypto week has met with its first massive obstacle after 13 Republican representatives who have retracted their support for the Genius Act, threatening to only sign the bill if the GENIUS Act contained some restrictions on CBDC.

But with the Congress preparing for a month-long break in August, it seems that time is running out for President Trump who is rushing to get the crypto laws passed before the break.

But after the failed vote on Tuesday, U.S. President Donald Trump announced he has won over most Republican lawmakers who initially withheld support for three major crypto bills, saying they are now prepared to back the legislation when the House reconvenes on Wednesday.

On Tuesday, Trump posted on Truth Social that he met in the Oval Office with 11 of the 12 Republican representatives needed to advance the GENIUS Act, reporting that after discussions, all agreed to vote in favor of the bill’s procedural rule the following morning.

A planned re-vote on the trio of crypto bills was postponed after House Majority Leader Steve Scalise joined 12 other Republican lawmakers in voting no on considering the bills on Tuesday, emphasizing the need for explicit language banning central bank digital currencies (CBDCs).

Several members of the GOP had called for the GENIUS Act—which sets stablecoin regulations—to be either amended or bundled with two companion bills: the Anti-CBDC Surveillance Act (which would bar a Federal Reserve digital dollar) and the comprehensive market framework known as the CLARITY Act.

Representatives Biggs, Burchett Green, Luna and Spartz took to X after the vote and said they were not against the crypto bills but didn't want to pass the GENIUS Act unless it had a specific ban on CBDC.

Biggs added that he was concerned that the GENIUS Act could become a framework for a layer CBCD and how it doesn't guarantee self-custody.

Complicating the path further, some holdout Republicans insisted that the three bills be combined into a single legislative package, while Speaker Johnson signaled that passing the bills individually was necessary for Senate approval.

While Johnson has expressed that all the three bills in discussions are all very important, but he stresses that lawmakers have to tackle them in succession.

The Delay Is Nothing To Be Concerned About?

The House is scheduled to reconvene Wednesday morning for debate and legislative business, with expectations high that a renewed procedural vote could clear the way for passage.

Industry leaders and observers, like Custodia Bank CEO Caitlin Long, have expressed that this setback is nothing to be concerned about, because the GENIUS Act also failed the first time but passed 11 days later.

Meanwhile, podcast host Eleanor Terrett noted that the latest version of the GENIUS Act already blocks the Federal Reserve from offering retail CBDCs or related services, including digital wallets or personal accounts.