As this developed, though, markets reacted. Shares of Circle slid almost 5%. Coinbase and MARA Holdings each dipped about 2%.
I just voted NO on the Rule for the GENIUS Act because it does not include a ban on Central Bank Digital Currency and because Speaker Johnson did not allow us to submit amendments to the GENIUS Act.
But House conservatives argued that the measure should include language to stop the Federal Reserve from issuing its own digital currency. That split left leadership scrambling to win enough votes to move forward.
House leaders had tried to bundle the crypto measures with the defense appropriations bill. They hoped that mixing a high‑profile spending bill with the GENIUS Act would smooth the process.
Instead, critics on both sides cried foul. Defense hawks said their funding plan deserved a standalone debate. Crypto hardliners pressed for more changes. The package never got a chance to reach the floor.
Meanwhile, industry groups have spent at least $245 million in the 2024 election cycle to push pro‑crypto policies. Fairshake, a crypto political action committee, still holds $141 million in cash for future lobbying ahead of the 2026 midterms.
Treasury Secretary Scott Bessent has suggested that US stablecoins could grow to more than $2 trillion if a federal framework arrives. And US President Donald Trump’s January executive order had called for a CBDC ban in all federal agencies. Those high numbers underscore what’s at stake for an industry seeking clear rules.
Featured image from SocialStudiesHelp.com, chart from TradingView
