Hardline Republicans Disrupt Cryptocurrency Legislation Efforts
Twelve hardline House Republicans staged a procedural vote on concerns regarding cryptocurrency legislation on Tuesday, causing a setback for Speaker Mike Johnson (R-La.) and GOP leadership as the Chamber of Commerce gears up for discussions.
The vote concerning the rules for debating the law failed to secure the majority needed for adoption, with a tally of 196-223.
Among the Republicans voting “no” were Anne Paulina Luna (Fla.), Scott Perry (Pa.), Chip Roy (Texas), Victoria Spartz (Ind.), Michael Cloud (Texas), Andrew Clyde (Ga.), Eli Crane (Ariz.), Andy Harris (Md.), Keith Self (Texas), and Andy Biggs (Ariz.). House Majority Leader Steve Scalise (R-La.) later switched his vote to “no” as a procedural maneuver to facilitate a future revote on the measure.
After the vote, Johnson explained to reporters that hardline critics thwarted the procedural vote, as they wished to tie cryptocurrency bills to a specific product. This week’s House is set to vote on the Genius Law, which has been negotiated by the Senate to establish a regulatory framework for stablecoins. The Digital Asset Market Clarity Method for 2025 aims to outline broader cryptocurrency regulations alongside an anti-CBDC surveillance law preventing the Federal Reserve from issuing central bank digital currencies.
“There are people who really want to emphasize the Clarity Act and the Anti-CBDC Act,” Johnson remarked. “We have other bills as well. They want to combine them, and they’re working with partners in the White House and Senate. I think everyone is saying they want to address all three, but some are insisting they must be packaged together.”
Scalise called for the House to consider the procedural rules at a later date. Johnson indicated that a separate vote might occur if there was a consensus during the GOP meeting.
“We often answer questions and aim for consensus here,” Johnson said. “We anticipated some ‘no’ votes, but time is of the essence, so I felt it was important to bring it to the floor and proceed.” He added, “There will be extensive debate in the coming hours, and our colleagues from the Senate and the White House will also be involved.”
House Republicans are feeling pressure to expedite their decisions. The Senate is poised to approve a bill that is pivotal for the House’s final printing approval of $9.4 billion in federal funds, with a Friday deadline looming.
Following the Senate’s passage of the Genius Act last month, President Trump urged the House to rapidly pass a “clean” bill, complicating efforts to harmonize it with a broader crypto regulatory framework.
Some House members expressed a desire to connect the Senate’s Genius Law with their Clear Law. However, House leaders seem to aim at advancing the anti-CBDC legislation alongside stablecoin and market structure laws without formally linking the two bills.
The White House and GOP leaders had hoped to pass both pieces of legislation before Congress recessed for the August break. Now, they are focused on securing the Genius Law by the original August deadline and plan to tackle the Market Structure Bill by the end of September.
The Senate has moved more slowly on cryptocurrency market structure laws, aiming to create clear regulations by dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
With both the Senate Banking Committee and the Agriculture Committee holding hearings on the digital asset market, the upper chamber appears ready to advance a second significant crypto bill. Sen. Cynthia Ramis (R-Wyo.) suggested that a draft for discussion might be announced this week.
Updated at 3:21 PM
