US House Rejects Key Crypto Legislation During ’Crypto Week’

The crypto industry faced a significant setback as the US House of Representatives failed to advance pivotal legislation, including the GENIUS Act, during a procedural vote. The motion was blocked with a 196-223 tally, as 13 Republican representatives joined Democrats in opposition.

The GENIUS Act sought to provide regulatory clarity for cryptocurrencies, particularly stablecoins, which have seen growing adoption among traditional financial institutions. House leadership plans a subsequent vote, though it remains unclear whether amendments will be made to secure passage.

The vote coincided with 'Crypto Week,' a period championed by former President Donald Trump, who had urged Republican unity in support of the legislation. TRUMP framed digital assets as a critical frontier for US competitiveness, declaring, 'Digital Assets are the FUTURE, and we are leading by a lot!'