Nikolas Sargeant
House Speaker Mike Johnson announced plans to reschedule a vote on three major cryptocurrency bills for Wednesday after internal Republican opposition derailed Tuesday's proceedings. The delay stems from lawmakers demanding stronger provisions against central bank digital currencies (CBDCs) in the proposed legislation.
The contentious vote centers on three pieces of legislation: the GENIUS Act regulating stablecoins, the Anti-CBDC Surveillance Act banning CBDCs, and the CLARITY Act establishing comprehensive crypto market structure. Johnson emphasized that advancing these bills remains "a priority of the White House, the Senate and the House," according to Politico reporting.
The legislative push represents the Republican-led "Crypto Week" initiative, designed to establish cryptocurrency regulations before Congress enters its August recess. Democrats have countered with their own "anti-crypto corruption week" to oppose the proposed measures.
Republican Holdouts Demand Bundled CBDC Protections
Thirteen Republican lawmakers, led by House Majority Leader Steve Scalise, voted against the procedural motion Tuesday. The dissenting group included Representatives Andrew Clyde, Tim Burchett, Andy Biggs, Eli Crane, Michael Cloud, Marjorie Taylor Greene, Andy Harris, Anna Paulina Luna, Scott Perry, Victoria Spartz, Chip Roy, and Keith Self.
The lawmakers expressed concerns that the GENIUS Act lacks sufficient CBDC prohibitions and doesn't guarantee self-custody rights. Representative Marjorie Taylor Greene stated on X: "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."
Representative Andy Biggs echoed these concerns, arguing the GENIUS Act contains "a framework for a layered CBDC" without adequate self-custody protections. He called for an "open amendment process so Members can freely debate and improve the bill."
The opposition aligns with President Trump's January executive order directing the Federal Reserve to avoid creating a CBDC, reinforcing the administration's stance against digital dollar development.
Legislative Strategy Creates Strategic Challenges
Speaker Johnson faces pressure from Republican holdouts wanting to combine all three bills into a single package, while maintaining that sequential passage offers the best path forward. He indicated that bundling the legislation could jeopardize Senate approval.
"They want to push that and merge them together. We're trying to work with the White House and with our Senate partners on this," Johnson explained to reporters. "I think everybody is insistent that we're going to do all three, but some of these guys insist that it needs to be all in one package."
The strategic disagreement highlights tensions between comprehensive legislative approaches and pragmatic political considerations. Johnson continues negotiations with Republican holdouts to secure the necessary support for Wednesday's rescheduled vote.
Industry Voices Provide Context and Reassurance
Custodia Bank CEO Caitlin Long offered perspective on the legislative setback, reminding observers that the GENIUS Act initially failed its first Senate procedural vote before passing with bipartisan support. "The first procedural vote in the Senate on the GENIUS Act failed as well...the second one passed 11 days later," she noted on X.
Eleanor Terrett, host of the Crypto in America podcast, argued that existing GENIUS Act language already prevents retail CBDC implementation. She highlighted provisions stating the bill "shall not be construed as expanding the Fed's authority to offer services directly to the public," effectively prohibiting digital wallets and personal accounts that would constitute CBDC territory.
The House reconvenes Wednesday for legislative business, with crypto bill consideration expected during the session.
