Legal Cryptocurrency Regulation Bill, the GENIUS Act, to Be Put to Vote in the House Following Right-Wing Uprising
## Controversies Surrounding the Passage of the GENIUS Act
The **GENIUS Act**, a landmark piece of legislation aimed at regulating cryptocurrency, has faced significant controversy during its journey through the U.S. Congress.
Initially, a group of conservative Republicans staged a rebellion, halting the procedural vote to advance the bill. This standoff led to a meeting at the White House, where President Trump intervened, persuading the holdouts to support the legislation. The holdouts had initially sought to merge the GENIUS Act with a broader market structure bill and a measure to ban a central bank digital currency, but this plan was ultimately abandoned.
The controversy continued to unfold during Wednesday's procedural vote, with a few holdouts initially voting against moving forward. However, after negotiations with the White House, they later dropped their opposition, allowing the bill to proceed.
Rep. Maxine Waters of California, the top Democrat on the House Financial Services Committee, expressed concerns about the legislation, stating that a vote for the GENIUS Act is a vote for consumer and investor harm, a vote to plant the seeds for the next financial crisis, and a vote to endanger national security.
In a surprising turn of events, a deal was made late Wednesday to tie the ban on a central bank digital currency with the defense reauthorization bill. This move was a response to conservatives who had pushed to tie the CLARITY Act, a bill aimed at ensuring transparency in stablecoin transactions, with the Anti-Central Bank Digital Currency Surveillance State Act.
The Senate had already approved the bipartisan stablecoin bill last month, and the GENIUS Act is now expected to become the first major crypto legislation ever passed by Congress. The House is set to vote on the GENIUS Act on Thursday, and upon its passage, it will head to President Trump's desk for signature.
Sources: [1] CoinDesk (2025). House Republicans cancel crypto votes after Trump meeting with holdouts. [online] Available at: https://www.coindesk.com/policy/2025/07/14/house-republicans-cancel-crypto-votes-after-trump-meeting-with-holdouts/
[2] CoinDesk (2025). Trump announces holdouts have agreed to support GENIUS Act. [online] Available at: https://www.coindesk.com/policy/2025/07/14/trump-announces-holdouts-have-agreed-to-support-genius-act/
[3] CoinDesk (2025). House conservatives sink procedural vote on GENIUS Act. [online] Available at: https://www.coindesk.com/policy/2025/07/13/house-conservatives-sink-procedural-vote-on-genius-act/
[4] CoinDesk (2025). Senate passes bipartisan stablecoin bill. [online] Available at: https://www.coindesk.com/policy/2025/06/22/senate-passes-bipartisan-stablecoin-bill/
- Despite facing significant opposition from some conservative Republicans who sought to merge it with other bills, the GENIUS Act, a landmark piece of legislation aimed at regulating cryptocurrency, is expected to become the first major crypto legislation ever passed by Congress.
- The GENIUS Act, initially halted by a group of conservative Republicans during a procedural vote, has garnered attention in the world of business news, politics, and general news due to controversies surrounding its passage.
- In a strategic move, a deal was made late Wednesday to tie the ban on a central bank digital currency with the defense reauthorization bill, a move that was a response to conservatives who had pushed to tie other crypto-related bills with anti-central bank digital currency legislation.
- The politics surrounding the GENIUS Act have sparked concern from some quarters, with Rep. Maxine Waters of California expressing her belief that a vote for the GENIUS Act could lead to consumer and investor harm, the planting of seeds for the next financial crisis, and potential threats to national security.
