House scraps Tuesday votes on crypto bills after procedural failure

A procedural vote to advance landmark cryptocurrency legislation, which initially failed and was expected to be revisited later on Tuesday, is no longer taking place.

No further votes are scheduled for Tuesday, according to the House Press Gallery website. 

Earlier in the day, House lawmakers voted 196 to 223 against moving forward with voting on three bills scheduled for this week. A House aide told The Block earlier that they will try again later at 5 p.m. ET. A person familiar with the matters also echoed that sentiment. 

The House of Representatives was slated to consider the Guiding and Establishing National Innovation for U.S. Stablecoins ("GENIUS") Act, as well as the Digital Asset Market Clarity ("Clarity") Act, this week as part of an initiative called "Crypto Week."

GENIUS, which has already been passed in the Senate, would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with a market capitalization exceeding $50 billion, and establish guidelines for foreign issuance. That bill was expected to be at Trump's desk before the end of the week.

Meanwhile, Clarity takes a whole-of-crypto approach and would create a clear regulatory framework for crypto in part through designating how the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission will regulate. The bill also requires digital asset firms to provide retail financial disclosures and segregate corporate and customer funds. 

The House was also scheduled to consider a bill this week led by Majority Whip Tom Emmer, R-Minn., to block the Federal Reserve from issuing a central bank digital currency directly to individuals.

Sources familiar with the discussions said they anticipate passage of Clarity will be on Wednesday, with GENIUS slated for Thursday, but that could now be all up in the air. 

Cody Carbone, Digital Chamber CEO, said he still thinks the bills will move forward on Wednesday. 

 “I’m very confident these bills move forward tomorrow after additional conversations and education," Carbone said in a statement to The Block. 

A source familiar with the matter said they assumed that President Donald Trump, who has been pushing for GENIUS specifically to get to his desk before August, will begin calling people directly, which could lead to votes happening sooner. 

Votes crumbled after several Republicans voted no earlier in the day, including Reps. Marjorie Taylor Greene, Chip Roy, Michael Cloud, and Anna Paulina Luna, among others, according to reporting from The Hill.

After the vote, Rep. Greene posted on X concerns over the GENIUS Act's treatment of CBDCs. 

"I just voted NO on the Rule for the GENIUS Act because it does not include a ban on Central Bank Digital Currency and because Speaker Johnson did not allow us to submit amendments to the GENIUS Act," Greene said. "Americans do not want a government-controlled Central Bank Digital Currency."

Carbone pushed back against that assertion in a post on X after the vote, saying that Emmer's CBDC bill does just that. 

Carbone told The Block that the way to address banning a CBDC is to pass GENIUS. 

"If members are interested in banning a CBDC and competing with state-issued digital currencies around the world, the way to do so is to pass the GENIUS Act and allow the private stablecoin market to flourish in the U.S.," Carbone said. "These bills will pass.”

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