U.S. House Republicans had big plans for July 15, 2025, when they labeled it as “Crypto Week”. In pursuit of passing three major crypto bills, the GENIUS Act, the Digital Asset Market Clarity Act, and the Anti-CBDC State Act, aiming to solidify America’s crypto scene with well-defined regulations. But, the “Crypto Week” did not come to fruition as the vote failed with a 196-223 margin.
The republicans had bundled these three crypto bills with a defense spending bill, including stablecoins (digital currencies tied to the dollar), guidelines for which government agencies oversee crypto trading, and a ban on the government creating its own digital currency.
But as the political allegiance only guarantees “betrayal” so happened with this vote as well. Some of the conservative republicans, who were skeptical about these bills, joined forces with the Democrats and voted against the bill presented by their own party. Why so, you ask? Because they didn’t believe that the stablecoin bill actually prohibits the government from launching its own digital currency. After not being given the chance to make desired changes, the disgruntled Republicans jumped ship and teamed up with the democrats to block the whole thing.
President Trump signed an order in January opposing government digital currencies. His supporters got so fired up about this that they’re now blocking bills that would actually help regulate the $238 billion stablecoin market. It’s like being so worried about speed limits that you refuse to put up traffic lights.
For laymen interested in crypto, such derailments bring more uncertainty. In other words, if these days you’re trying the wheel of fortune by investing or trading in bitcoin, stablecoin, or other cryptocurrencies, you’re still in a legal gray area where rules can change without warning. Following the failure of this vote, the crypto market reacted in an even more upsetting way and took a deep dip.
The American crypto industry is still awaiting clear guidelines. Until the next round of talks over the bills under discussion, as promised by House Speaker Mike Johnson, the crypto-heads of America are to wander in the wild west of financial regulations.
