Storm clouds hover over the U.S. Capitol on July 1, 2025 in Washington, DC.
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Several cryptocurrency-related bills backed by President Donald Trump failed to clear a key procedural hurdle in the House of Representatives on Tuesday, dealing a major blow to the crypto industry.
The final vote was 196-223, with 13 Republicans voting with Democrats to block the procedural motion.
House leadership tentatively plans to hold another vote later in the day Tuesday to advance the legislation.
It was unclear Tuesday whether the second vote would be for an identical rule and the same bills, or whether House Republican leaders would make changes to the package to satisfy the defectors.
The vote — which came during what is being billed as “Crypto Week” — was a rare instance of House Republicans refusing to take direction from Trump.
Trump hailed “Crypto Week” during a post on his Truth Social earlier on Tuesday and urged all House Republicans to vote “yes” on the measure.
“The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets – Nobody does it better!” Trump wrote.
“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,” he wrote.
“Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!),” Trump continued.
Crypto-linked stocks turned lower after the vote failed. Shares of stablecoin company Circle dropped more than 7% on the news, while Coinbase fell more than 4% and digital asset firm MARA Holdings dipped more than 2%.
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