House Speaker Mike Johnson (R-La.) suddenly halted Tuesday’s remaining floor votes on a bill establishing a regulatory framework for stablecoin issuers. The move came after opposition from right-wing Republicans, who blocked the passage of the legislation to President Trump’s desk. The House had previously voted 196-223 in favor of setting terms for debate on the GENIUS Act, but GOP leaders were unable to secure a majority.
The House Freedom Caucus members spent the afternoon discussing their concerns with the White House, while Trump expressed his desire for the bill to reach his desk as soon as possible. The Senate had passed the GENIUS Act in June by a 68-30 vote, and the White House is likely to resist any delays.
The cancellation of floor votes comes after months of bipartisan negotiations on stablecoin legislation. However, the latest development has caused shares in Circle Internet, a stablecoin company, to plummet by almost 5%. Most major cryptocurrencies also experienced losses following the vote, although some recovered later in the afternoon.
Despite the setback, the GENIUS Act remains an important instance of bipartisan compromise this Congress. The bill is expected to gain support from Democrats, but the minority party’s opposition to procedural votes may cause further delays.
Source: https://www.axios.com/2025/07/15/house-genius-act-vote-derailed