Crypto Bills in Limbo After Dramatic Standoff on House Floor

The House’s much touted “Crypto Week” struggled to get back on track Wednesday, with a re-do administrative vote to consider three major crypto bills initially squeaking by, then stalling, after a small group of right wing Republicans appeared to acquiesce but then balked at the demands of party leadership and President Donald Trump. 

An initial dramatic vote, 215-211, came down to the buzzer, with a small set of Republicans voting against the rule until a lively exchange with party leaders on the House floor prompted them to change their votes to “yes” at the final moment. 

The holdout Republicans, however, then retracted their votes during a second “recorded vote”—moving off the House floor to negotiate with party leadership over a potential deal to advance the legislation in exchange for firmer language on the prohibition of central bank digital currencies, or CBDCs.

The record vote, which stalled for hours on Wednesday afternoon as the negotiations pressed on, would allow the House to move toward final votes on several bills including the GENIUS Act, which would create a federal framework for issuing and regulating stablecoins; the CLARITY Act, which would create a framework for regulating most other crypto assets; a bill banning the U.S. government from developing its own central bank digital currency (CBDC); and a defense spending bill.

After 13 right wing Republicans voted against the motion yesterday, in stated protest against the possibility of the GENIUS Act not explicitly banning the creation of an American CBDC, President Donald Trump summoned his party’s holdouts to the White House, and shortly thereafter announced he had convinced them all to support the measure.

Industry leaders and allies celebrated their “Dealmaker-in-Chief,” announcing proudly that Crypto Week was back on track.

But the celebration was short-lived. On Wednesday morning, Rep. Marjorie Taylor Greene (R-GA), a typically loyal Trump ally, announced she would still not support the GENIUS Act, given it did not, in her view, “ban CBDC or maintain people’s chain of custody.” 

The congresswoman posted a Bible verse alongside the statement, which appeared to liken the legislation to the “mark of the beast,” a symbol associated with the Antichrist.

On the House floor Wednesday afternoon, Greene seemed to lead the charge in protesting the motion, animatedly speaking with Speaker Mike Johnson (R-LA) for minutes on end. But ultimately, she capitulated, switching her vote to “yes” and bringing other Republican holdouts with her. 

Shortly thereafter, though, the group retracted their “yes” votes, as they pressed for concessions from Republican leadership.

One Republican who voted against the measure yesterday, Rep. Anna Paulina Luna (R-FL), said last night’s meeting with President Trump assuaged her crypto-related fears. 

“We had a good meeting with the President, and we have come to an agreement that will ensure CBDB [sic] is never allowed in the U.S.,” Luna said in a statement shared with Decrypt. “Stay tuned.”

Hanging in the balance is whether Crypto Week may proceed as scheduled. Republicans had considered beginning votes on pending legislation as soon as this evening, sources familiar with the matter told Decrypt. But the procedural vote would need to pass first.

Editor’s note: This story and its headline were updated after publication to clarify that though the vote initially passed, votes were then retracted, and the motion remains in limbo.