Crypto Legislation Faces Delay Amid GOP Disagreements, But New Vote Scheduled for Wednesday

Efforts to advance three major crypto-related bills in the U.S. House hit a roadblock on Tuesday, as internal disagreements among Republican lawmakers forced a pause on a key procedural vote. At the heart of the dispute is a push by some members of the GOP to include a ban on central bank digital currencies (CBDCs) in the legislation. House Speaker Mike Johnson said he is hopeful the House will attempt to pass a procedural vote on Wednesday. “It’s a priority of the White House, the Senate and the House to do all of these crypto bills,” he stated, as reported by Politico. Disagreements on Strategy and Bill Structure The package includes the GENIUS Act, aimed at regulating stablecoins, along with the Anti-CBDC Surveillance Act, and the CLARITY Act, which proposes a new market framework for crypto assets. Some Republicans have argued that the bills should be bundled into one, but Speaker Johnson pushed back, warning the Senate would not approve such a move. “We have to do them in succession,” Johnson reportedly said. This legislative push is part of the Republican-led “Crypto Week,” intended to pass meaningful crypto regulation before Congress adjourns for a month-long break in August. In response, Democrats have dubbed the effort “anti-crypto corruption week” to express their opposition. CBDC Concerns Drive Republican Resistance Tensions escalated on Tuesday when 13 Republicans, including House Majority Leader Steve Scalise, voted against considering the bills. Among those dissenting were lawmakers such as Marjorie Taylor Greene, Andy Biggs, and Victoria Spartz. Several lawmakers took to X to clarify that they weren’t opposed to crypto regulations in general, but refused to support the GENIUS Act without an explicit CBDC ban. “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,” Greene said. Biggs echoed the sentiment, warning that the current version of the bill could allow for a layered CBDC and lacked guarantees for self-custody. “House Leadership must allow an open amendment process so Members can freely debate and improve the bill,” he added. Past and Future of the GENIUS Act The GENIUS Act had previously failed its first Senate vote in May due to Democratic concerns about Donald Trump’s involvement in crypto. It eventually passed in June with bipartisan support. Custodia Bank CEO Caitlin Long urged calm after Tuesday’s delay, noting that the Senate also required a second vote to move forward on the GENIUS Act. “BEFORE Y’ALL FREAK OUT, don’t forget that the first procedural vote in the Senate on the GENIUS Act failed as well…the second one passed 11 days later,” she wrote on X. Eleanor Terrett, host of the Crypto in America podcast, argued that the current bill already restricts the Federal Reserve from creating a retail CBDC. Speaker Johnson Continues Talks According to ABC News, Speaker Johnson is continuing discussions with Republican holdouts. However, one of the main sticking points remains whether the three bills should be passed together or separately. “They want to push that and merge them together,” Johnson said. “We’re trying to work with the White House and with our Senate partners on this.” The House is scheduled to reconvene on Wednesday to resume its legislative work.

Source: CryptoIntelligence