- Lawmakers voted 215 to 211 to advance the Guidance and Establishment of National Innovations for U.S. Stablecoins Act.
- The successful Wednesday vote marked a comeback for Republican leadership after an unexpected defeat on Tuesday.
- Many House Democrats continue to oppose all three bills.
The U.S. House of Representatives narrowly voted Wednesday to revive momentum for a package of major cryptocurrency bills, reinvigorating what Republican lawmakers called a “Crypto Week” after an earlier effort to move the measures failed at the start of the week.
Lawmakers voted 215 to 211 to advance the Guidance and Establishment of National Innovations for U.S. Stablecoins Act — the GENIUS Act — which creates a regulatory framework for U.S. dollar–backed stablecoins and has already passed the Senate.
If the bill clears the House later this week, it would be sent to President Donald Trump’s desk for signature.
In a separate vote, the House also agreed to advance the Digital Asset Market Clarity Act, commonly called the Clarity Act, which would clarify regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for oversight of digital assets.
A third bill, aimed at banning the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals, was also moved forward toward final consideration.
Tuesday vote collapsed amid GOP defections
Wednesday’s successful votes represented a recovery for Republican leadership after an unexpected failure on Tuesday, when the House voted 196 to 223 against considering the three bills.
The earlier setback occurred because a block of Republicans defected over concerns about CBDC-related language in the GENIUS Act.
According to reports, Republican members who voted against consideration included Marjorie Taylor Greene, Chip Roy, Michael Cloud and Anna Paulina Luna.
Greene cited lingering worries that the GENIUS Act could provide a legal pathway for the Fed to introduce a digital dollar — an allegation the bill’s authors have denied.
Following the failed Tuesday vote, President Trump intervened directly, telling reporters Tuesday night that “key lawmakers” had agreed to support the legislation.
His comments were widely interpreted as helping to unify the GOP ahead of Wednesday’s procedural votes.
Democrats oppose the measures, calling them dangerous
No Democrats voted to advance any of the bills, setting the stage for a partisan showdown as the legislation moves toward final votes.
At a Wednesday press conference, House Financial Services Committee member Maxine Waters warned that both the GENIUS Act and the Clarity Act dangerously deregulate the crypto sector.
“These bills are a gift invitation for Trump to continue his expansive crypto giveaway,” Waters said, calling the proposed legislation “two of the most dangerous regulatory rollbacks” put forward during the current session.
Democrats also expressed concerns that the bills would weaken consumer protections and undermine the Federal Reserve’s authority, particularly amid Republican efforts to ban a Fed-issued digital dollar.