‘Crypto Week’ Back on Track? Trump Says Defecting Lawmakers Ready to Vote for Bills
The U.S. House of Representatives adjourned Tuesday without voting on a procedural motion to advance three crypto bills, delaying progress on legislation considered crucial to the industry. The delay stemmed from objections raised by members of the House Freedom Caucus, who opposed the Senate’s influence on the bill’s development. This procedural snag caused immediate market uncertainty, impacting cryptocurrency prices. Bitcoin and Ether experienced temporary dips, while Circle, a major stablecoin issuer, saw a more significant decline.
The unexpected halt came as the House was poised to pass two key industry priorities. Despite the setback, the legislation retains strong bipartisan support, suggesting the procedural hurdle might be overcome. A rescheduled vote was initially planned for later Tuesday but canceled less than fifteen minutes before its scheduled start. A further vote is now expected early Wednesday, coinciding with the scheduled vote on the Digital Asset Markets Clarity Act.
Analyst Jaret Seiberg of TD Cowen anticipates another House vote on the rule Wednesday. Failure to achieve this could push the vote to the following week. Adding weight to the situation, President Trump publicly urged Republicans to support the rule, highlighting the GENIUS Act’s importance for maintaining U.S. leadership in crypto development. He even claimed a meeting with eleven lawmakers who pledged their support.
Seiberg remains optimistic about the GENIUS Act’s passage, believing the House Freedom Caucus will ultimately yield to the President’s pressure. While the procedural issues highlight the complexities of the legislative process, the bills’ significant bipartisan backing suggests a resolution is likely. Similar delays have occurred before; during the Senate’s consideration of the GENIUS Act, Democrats successfully delayed the process to address specific concerns. Whether a similar strategy will be successfully employed by unhappy Republicans in this instance remains to be seen. The situation underscores the potential for unexpected disruptions within the legislative process and their immediate market repercussions.
