- Lawmakers voted 215 to 211 to advance the Guiding and Establishing National Innovation for US Stablecoins Act.
- The successful Wednesday votes marked a recovery for Republican leadership after Tuesday’s unexpected setback.
- Many House Democrats continue to push against all three bills.
The US House of Representatives voted narrowly on Wednesday to resume its push on a slate of high-profile cryptocurrency bills, reviving what Republican lawmakers have dubbed “Crypto Week” after the initial attempt to advance the legislation collapsed earlier in the week.
Lawmakers voted 215 to 211 to advance the Guiding and Establishing National Innovation for US Stablecoins Act — or GENIUS Act — which establishes a regulatory framework for US dollar-pegged stablecoins and has already cleared the Senate.
If passed in the House later this week, the bill would head to President Donald Trump’s desk for his signature.
In a separate vote, the House also agreed to move forward with the Digital Asset Market Clarity Act, commonly referred to as the Clarity Act, which would delineate regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for overseeing digital assets.
A bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals will also move to a final vote.
Tuesday’s vote collapsed amid GOP defections
The successful Wednesday votes marked a recovery for Republican leadership after Tuesday’s unexpected setback, when the House voted 196 to 223 against even considering the three bills.
That vote saw a bloc of Republicans defect over concerns about the CBDC provisions in the GENIUS Act.
According to reporting from The Hill, GOP Reps. Marjorie Taylor Greene, Chip Roy, Michael Cloud, and Anna Paulina Luna were among those who voted no.
Greene cited lingering concerns that the GENIUS Act might provide a legal foundation for the Fed to roll out a digital dollar — a claim that has been denied by the bill’s authors.
Following the failed vote, President Trump intervened directly, telling reporters late Tuesday that “key lawmakers” had agreed to support the bill.
His comments were widely interpreted as helping to unify GOP ranks ahead of Wednesday’s procedural votes.
Democrats oppose measures, call them dangerous
No Democrats supported moving forward with any of the bills, setting the stage for a partisan showdown as the legislation moves toward final passage votes.
In a press conference earlier on Wednesday, House Financial Services Committee ranking member Maxine Waters warned that both the GENIUS and Clarity Acts would dangerously deregulate the crypto sector.
“These bills are a gift-wrapped invitation for Trump to continue his full-scale crypto con,” Waters said, calling the legislation “two of the most dangerous pieces of legislation” proposed during the current session.
Democrats have also voiced concerns that the bills would undermine consumer protections and erode the Fed’s authority, especially as Republicans seek to ban the issuance of a Fed-backed digital dollar.
