Congress rejected the start of a debate on Trump's crypto projects. Stocks and bitcoin fell

An important vote on cryptocurrency regulation bills backed by Donald Trump has failed in the US Congress. Part of the Republicans opposed the so-called procedural rule, which determines how exactly the discussion will take place. Thus, the progress of the package was blocked. Against this background, the shares of cryptocurrency companies and bitcoin went into negative territory.

The U.S. House of Representatives has blocked the procedure to begin debate on three cryptocurrency-related bills backed by Donald Trump, CNBC reports. "196 members of the House voted in favor, while 223 voted against. At the same time, 13 Republicans, the party that originally put forward the initiatives, were among those who dissented.

The vote came as part of the so-called "cryptocurrency week" announced by Trump, and was a rare instance in which Republicans in the House of Representatives refused to follow the president's lead, CNBC noted. Earlier on Tuesday, he declared the importance of "crypto week" and called for support for the GENIUS bill, which would introduce regulation of steyblocoin issuance. "The House will soon VOTE in favor of an amazing bill that will make America the BEST Leader in digital assets - no one will do it better than us! The GENIUS Act will put our Great Country light years ahead of China, Europe and everyone else who is trying unsuccessfully to catch up to us"- wrote Trump in a post on Truth Social.

Now the fate of the bills remains uncertain: in order to return to their consideration, the House of Representatives must reconsider and approve the procedural rule, notes CNBC. Another vote is scheduled to take place later Tuesday, but it's not yet clear if it will be under the same terms or if the package will be changed to accommodate the demands of conservative Republicans. "I just voted ABOVE the procedural rule on the GENIUS bill because it does not contain a ban on central bank issuance of digital currency (CBDC) and Speaker [Mike] Johnson did not allow us to amend," explained her decision to Congresswoman Marjorie Taylor Green on social media X.

Just this week, the U.S. Congress is set to consider three bills favorable for the crypto market, which could encourage the wider use of digital assets. These are the CLARITY Act, which aims to create a legal framework for cryptocurrencies, the GENIUS Act, which regulates the issuance of stablecoins by private companies, and the Anti-CBDC Surveillance State Act, which could prohibit the creation of state-issued digital currencies. 

After the failure of the vote, shares of companies associated with cryptocurrencies went into negative territory. At the end of trading on July 15, the securities of the issuer of stablecoins Circle collapsed by 4.5%, shares of crypto exchange Coinbase lost 1.5%, securities of digital company MARA Holdings fell by 2.3%. Quotes of Strategy, the largest corporate bitcoin holder, dropped nearly 2%. Bitcoin itself fell by almost 3% - to $116.5 thousand. 

This article was AI-translated and verified by a human editor