House GOP Fails to Advance GENIUS Act, Stalling Crypto Legislation

House Republicans suffered a setback in their push for crypto regulation as a key vote to advance the GENIUS Act failed 196–222. The bill, which aimed to establish the first federal framework for U.S. stablecoins, was blocked alongside debate on the annual defense spending bill and a related crypto clarity proposal.

Internal divisions within the GOP emerged as a dozen Republican holdouts joined Democrats to oppose the rule. Rep. Marjorie Taylor Greene publicly criticized the legislation for lacking a ban on central bank digital currencies (CBDCs), calling it a threat to financial autonomy.

The collapse leaves the crypto industry without its most ambitious U.S. policy package to date. Market participants had anticipated regulatory clarity following the bill's Senate passage, but political infighting has delayed progress.