Overview

• On July 15, the House voted 196-223 against a procedural rule for the GENIUS Act after Democrats and 13 Republicans—including Marjorie Taylor Greene—objected to the debate terms.
• Speaker Mike Johnson canceled the remaining floor votes following the revolt, bringing the chamber’s self-described “Crypto Week” to a halt.
• Late Tuesday, President Trump met in the Oval Office with 11 of the dissenting Republicans, with Johnson joining by phone, and secured their pledge to back a re-vote.
• If approved, the rule would clear the way for debate on the GENIUS Act’s stablecoin framework, the CLARITY Act’s jurisdiction definitions for digital assets, and the Anti-CBDC Surveillance State Act’s Fed digital currency ban.
• Crypto-linked stocks and major tokens initially fell after the procedural defeat but rebounded on Wednesday as investors anticipated renewed legislative momentum.