Congress Fumbles GENIUS Act and CBDC Bills; What Went Wrong?

The Congress has turned into a political showpiece on Tuesday, July 15, after 12 Republicans failed a procedural vote on several crypto-related legislation. What had begun as a positive crypto week for President Donald Trump has turned sour after the Congress signaled different interpretations of certain clauses, especially in the Genius Act, which have been meant to provide clear rules for stablecoins.

Out of the total votes, 196 House members voted for the bill to continue while 223 members, the majority including the Democrats, voted against the debate of the legislation. As a result, the House has been on standstill and a huge blow to President Trump and the wider Republicans.

Furthermore, the just-concluded vote has prevented the Congress from debating and eventually voting on the bill later this week.