Regulatory Clarity in Jeopardy: U.S. Crypto Bills Hit Political Roadblock
A high-stakes standoff over a central bank digital currency (CBDC) ban nearly derailed a trio of landmark crypto bills in the U.S. House of Representatives—until former President Donald Trump intervened.
What Happened:
On July 15, a procedural vote meant to move forward the GENIUS Act (stablecoin regulation), the CLARITY Act (market structure), and the Anti‑CBDC Surveillance State Act was halted after 13 Republican members, aligned with Democrats, blocked it. Their demand? An explicit prohibition on a U.S. CBDC. Several conservatives insisted the stablecoin and anti‑CBDC bills be merged—something House leadership resisted.
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Trump’s Intervention:
Later that evening, Trump posted on Truth Social that he personally met with “11 of the 12” holdouts in the Oval Office. He announced he had secured commitments from them to vote in favor of advancing the bills in the House the next morning. Speaker Mike Johnson confirmed his appreciation on X, noting Trump’s involvement had been key to keeping the legislative push alive.
CBDC Concerns:
The demand from conservative Republicans stemmed from fears that without a strict ban, Congress might authorize a surveillance-heavy CBDC. Some voiced that the current GENIUS Act lacked sufficient safeguards around self-custody and might serve as a gateway to a layered Federal Reserve digital currency.
Legislative Stakes:
Paul to pass before the August recess, “Crypto Week” is a key part of Republicans’ plan to deliver regulatory clarity to the crypto industry, likely moving all three bills separately. The GENIUS Act already boasts bipartisan Senate approval (68–30), but merging it with CBDC provisions could force another Senate vote and delay presidential signature.
What Comes Next:
The House will reconvene July 16 to attempt another procedural vote—and then, possibly, full-floor votes on each bill. Delaying tactics from holdouts could send the bills back to the Senate, threatening momentum.
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Why It Matters:
If passed, these bills would mark the most significant U.S. crypto regulatory overhaul to date. They aim to:
- License and regulate stablecoin issuers,
- Clarify SEC vs. CFTC jurisdiction over tokens,
- Explicitly prevent a Federal Reserve–issued CBDC.
The outcome could reshape how Americans use digital assets-and influence major players like Walmart or Amazon, who have been mentioned as possible stablecoin issuers.
Quick Takeaway
| Key Pillar | Core Action |
|---|---|
| Conservative backlash | Blocked the vote over CBDC ban concerns |
| Trump involvement | Locked in support to revive bill momentum |
| Legislative context | GENIUS Act already cleared Senate; leaders want individual House votes |
| Implications | Regulatory clarity, industry legitimization, potential shift in retail payments |
In sum, the latest twist highlights the delicate dynamics within the Republican majority-split between swift regulatory wins and ideological caution. Trump’s Oval Office meeting may have delayed a collapse, but the underlying battle over CBDCs hasn’t been resolved. The House’s next move will determine whether “Crypto Week” becomes a political milestone-or a missed opportunity.
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