Bitcoin Plunges to $115,222 as Trump-Backed Crypto Bills Crash in House Vote
Crypto markets reel as regulatory roadblocks slam the brakes on bullish momentum.
Three key bills—championed by former President Trump—got shot down in Congress, sending BTC into a tailspin. The House vote wasn't even close, proving politicians still love killing innovation more than they love campaign donations from crypto PACs.
Price action turned ugly fast. Bitcoin bled through multiple support levels like a over-leveraged hedge fund manager facing a margin call. The $115k floor held... for now.
Meanwhile in Washington: lobbyists scramble, Twitter erupts with conspiracy theories, and your average congressman still can't explain the difference between a blockchain and an Excel spreadsheet. Some things never change.
Trump’s House loses 13 Republicans in surprise vote
Anyway, this was supposed to be the week crypto got clarity from Washington. But instead, Donald Trump’s own party fractured. House Republicans had lined up three bills; one to regulate stablecoins, one to sort out the mess between the SEC and CFTC, and one to block the Federal Reserve from creating a central bank digital currency. But it all fell apart when 13 GOP members voted no.
The first bill, the GENIUS Act, had already cleared the Senate last month and had some Democratic backing. It aimed to create a national framework for stablecoins. The second, called the CLARITY Act, would’ve decided if crypto assets fall under Gary Gensler’s SEC or the Commodity Futures Trading Commission. The third proposal sought to permanently ban the Fed from launching any government-backed digital currency. All three are now stalled.
The chaos hammered stocks, too. Riot Platforms dropped 3.3%, Mara Holdings fell 2.3%, and Coinbase slipped 1.5%. All three continued sinking in extended trading. Even Circle, the stablecoin issuer that went public with a bang last month, felt the blow. Shares of Circle fell 5% on the day.
By evening, leadership said there might be another vote. But no one could confirm if it’d be the same bills or a reworked version to win over the rebels. “Nothing’s finalized yet,” said Nancy Mace, a Republican House member who voted yes on the rule.
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