On Tuesday, a group of hard-line Republicans interrupted the process allowing three digital asset bills to advance in the House, placing them in limbo while GOP leadership rushed to address the situation.
A procedural vote aimed at enabling the Chamber of Commerce to consider these crypto bills, along with next year’s Pentagon funding, did not pass.
Crypto legislation is a major focus for President Trump and GOP leaders, who have expressed commitment to pushing digital asset regulations through to completion.
The Genius Act, designed to establish a framework for Stablecoins, is on track to potentially be signed into law if it can navigate legislative hurdles. This bill received bipartisan support in the Senate, garnering backing from over a dozen Democrats.
The second piece of legislation aims to set clear regulatory rules for the larger crypto market, dividing the oversight between two financial regulators.
Meanwhile, the Senate is preparing its own version of a Market Structure Bill, but it’s facing a less certain path ahead.
The third bill seeks to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC), though it hasn’t gained significant traction in the Senate.
Initially, House Majority Leader Steve Scalise (R-La.) supported the procedural vote, but he later switched his stance, allowing for a reevaluation of the measure.
Trump declared late Tuesday that he had struck a deal with several lawmakers who had blocked the initial vote, indicating he would meet with them and secure their support for future actions.
Among the twelve GOP lawmakers who voted against the procedural measure was Rep. Anna Paulina Luna from Florida, who expressed concern that the legislation could allow for a “backdoor” to create a CBDC. She stated, “I was part of a group that could block it. I’m pro-crypto, but I can’t back legislation with loopholes for CBDCs.”
Rep. Scott Perry from Pennsylvania echoed similar sentiments, emphasizing his opposition to any move that might facilitate a CBDC.
Chip Roy, a Congressman from Texas, also raised flags over CBDCs, highlighting issues with the current drafts of the legislation that he found troubling.
Rep. Victoria Spartz from Indiana noted that Speaker Mike Johnson (R-La.) shared her concerns and prevented revisions that could address CBDC issues.
In a more detailed post, Rep. Michael Cloud mentioned that while some, like Rep. Warren Davidson (R-Ohio), ultimately supported the procedural vote, they believed substantial concerns needed to be addressed before proceeding.
Davidson suggested that the standalone anti-CBDC bill may struggle to garner the necessary Senate votes, underscoring a sentiment shared by others that hasty legislation could lead to greater issues down the line.
Rep. Eri Crane of Arizona publicly supported Luna’s message about the need for caution.
Similarly, Rep. Marjorie Taylor Greene from Georgia argued that the Genius Act could lead to the creation of a CBDC and stressed that the bill does not adequately prohibit such developments.
Rep. Tim Burchett of Tennessee defended his procedural vote, stating that the necessary changes would require time and negotiation.
Rep. Andy Biggs from Arizona also raised concerns about the Genius Act, arguing it could pave the way for CBDC frameworks without ensuring individuals’ rights to manage their digital assets independently.
Other representatives who were noted included Rep. Andrew Clyde from Georgia, Rep. Andy Harris from Maryland, and Rep. Keith Self from Texas.
