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4d ago

Trump Intervention Revives House Crypto and Defense Agenda

A late-night Oval Office session convinced insurgent lawmakers to back a new rules vote restoring floor consideration of major cryptocurrency measures alongside Pentagon funding

President Donald Trump waves as he walks from Marine One after arriving on the South Lawn of the White House, Tuesday, July 15, 2025, in Washington.
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A general view of the U.S. Capitol dome in Washington, D.C., U.S., July 8, 2025. REUTERS/Jonathan Ernst
House Freedom Caucus Chair Andy Harris, R-Md., center, said he wanted to drive a "stake into the heart" of a possible central bank digital currency.

Overview

  • A procedural vote was narrowly defeated 196-223 on July 15 when thirteen conservative Republicans joined Democrats to block debate terms for the GENIUS Act, CLARITY Act, Anti-CBDC Surveillance State Act and the fiscal 2026 Defense appropriations bill.
  • Holdout Republicans cited the absence of a hard ban on a Federal Reserve digital currency and limits on amendments as reasons for their revolt against the procedural rule.
  • President Trump met with eleven of the dissenting lawmakers in the Oval Office and secured commitments for a second rules vote Wednesday morning.
  • With the holdouts on board, House GOP leaders will move to adopt the rules and begin floor debates on the three crypto bills and the Defense funding measure as early as Wednesday.
  • Crypto-linked stocks including Circle, Coinbase and MARA dropped after the initial procedural defeat but showed signs of stabilizing as lawmakers prepared to resume action.