House GOP revolt slams brakes on GENIUS Act
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Speaker Mike Johnson talks to members of the media on July 9. Photo by Alex Wong/Getty Images
House Speaker Mike Johnson (R-La.) abruptly canceled Tuesday's remaining floor votes as opposition from a group of right-wing Republicans stymied efforts to send legislation establishing a regulatory framework for stablecoin issuers to President Trump's desk.
Why it matters: Johnson is facing demands to combine the so-called GENIUS Act with two other crypto bills the chamber is considering this week. That would force the Senate to reconsider the legislation, likely leading to significant delays.
- The House floor ground to a halt Tuesday after the chamber voted 196-223 on a procedural vote setting terms for floor debate on the GENIUS Act.
- It was a rocky start for the House's much-anticipated "Crypto Week," with GOP leaders initially tentatively planning another attempt at the procedural vote at 5 pm Tuesday.
- Members of the House Freedom Caucus have been spending the afternoon airing their concerns to the White House.
The latest: Trump said Tuesday evening he was "in the Oval Office with 11 of the 12" Congress members "necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule."
- Johnson attended the meeting via telephone and he looked forward to "taking the Vote as early as possible," per Trump's Truth Social post.
Catch up quick: After months of delicate bipartisan negotiations, the Senate passed the GENIUS Act in June by a 68-30 vote.
- Although the House has drafted its own stablecoin legislation, it ultimately chose to take up the Senate-passed version — in part to avoid having to go back to the Senate.
- Trump has said he wants the GENIUS Act on his desk as soon as possible, so the White House is likely to resist any approach that would cause delays.
By the numbers: Shares in Circle Internet, the stablecoin company that has surged on hopes for the GENIUS Act, sank as the House drama unfolded. The stock fell almost 5%.
- Most major cryptocurrencies fell following the vote, though some recovered later in the afternoon.
Context: Procedural votes typically receive near-total or total majority party support, even if some members ultimately vote against the actual bill.
- All three crypto bills are expected to pick up Democratic support, but the minority party doesn't typically vote for rules.
Editor's note: This story has been updated with comment from President Trump and additional reporting.
