Crypto Bills Squeak Through After Dramatic Standoff on House Floor

The House’s much touted “Crypto Week” made it back on track Wednesday, with a re-do administrative vote to consider three major crypto bills squeaking by after a small group of right wing Republicans acquiesced to the demands of party leadership and President Donald Trump. 

The 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 prompting them to change their votes to “yes” at the final moment. 

Now, the House will be able 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. 

One Republican who voted against the measure yesterday, but flipped today, 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.”

Now, Crypto Week may proceed as scheduled, albeit with some scars. Republicans are considering beginning votes on pending legislation as soon as this evening, sources familiar with the matter told Decrypt.