Procedural Vote Passes in U.S. House on July 16 Night
Trump Personally Persuades Dissenters to Support the Bills
Longest Voting Session on Record... Spotlight on Stablecoin Legislation
According to a report by U.S. business outlet CNBC, three cryptocurrency-related bills, including the so-called "GENIUS Act," made narrow progress in the U.S. House of Representatives on the night of July 16 (local time).
CNBC reported that some Republican lawmakers in the House who had previously opposed the bills shifted to support them, allowing the three cryptocurrency bills to pass a procedural vote that night. The House reportedly adopted the "rule" that enables debate on the bills by a vote of 217 to 212.
The three cryptocurrency bills under discussion are: the "Clarity Act," which aims to clarify regulations related to digital assets; the "CBDC Anti-Surveillance State Act," which would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC); and the "GENIUS Act," which seeks to bring stablecoins into the regulatory mainstream.
After a number of Republican lawmakers who had previously opposed the procedure changed their stance, these bills are now set to proceed to floor debate and a final vote. According to Reuters, this vote took place after more than nine hours of closed-door negotiations, making it the longest voting session in House history.
President Donald Trump and the Republican House leadership had initially planned to pass these bills within the week, but defections among lawmakers made early passage difficult. As a result, President Trump personally intervened to persuade the dissenters.
Previously, hardline conservatives had opposed the procedural vote, insisting that passage of the CBDC prohibition bill must be guaranteed. In response, Speaker of the House Mike Johnson and other Republican leaders agreed, after lengthy discussions, to include the measure in the National Defense Authorization Act (NDAA), and the hardline conservatives ultimately changed their position and announced their support. CNBC noted that the NDAA is considered a "must-pass" bill.
Tom Emmer, the House Republican Whip, also stated on X (formerly Twitter) that night, "The CBDC prohibition bill will be included in a separate NDAA and handled accordingly."
Reuters pointed out that "among the three bills, the legislation establishing a federal regulatory framework for stablecoins is most likely to pass first," adding that "this is considered a significant victory for the cryptocurrency industry."
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