'Crypto Week' Back on Track? Trump Says Defecting Lawmakers Ready to Vote for Bills

The House of Representatives is done for the day and won't be voting on a procedural motion to advance a trio of crypto bills, but may vote early Wednesday to advance the legislation.

As it sped into its crypto-focused week on Tuesday, the U.S. House's process toward passing digital assets bills ground to a sudden halt over a procedural vote as members of the House Freedom Caucus objected to the way some of the legislation has developed under Senate dominance.

The misfire on the procedural vote quickly hit the crypto markets over uncertainty about the good news expected this week when the House was expected to pass two of the industry's top priorities.

The legislation still has strong, bipartisan support, suggesting the procedural mishap may be overcome as a further vote was scheduled for later Tuesday afternoon. This vote was canceled less than 15 minutes before it was set to begin, so the matter may not be raised against until early Wednesday — the same day the Digital Asset Markets Clarity Act was set to be voted on.

"We are likely to get another House vote tomorrow on the rule," said Jaret Seiberg, a policy analyst for TD Cowen, in a note to clients on Tuesday. "If that does not happen, this could fall to next week."

U.S. President Donald Trump urged Republicans to vote in favor of the rule earlier Tuesday in a post on Truth Social, saying passing the GENIUS Act on stablecoin regulation would help keep the U.S. ahead of other countries in crypto development.

In another post late Tuesday, he said he met with 11 lawmakers who "all agreed" to vote in favor of the rule. Though a timing was not immediately set, Trump said the procedural vote should happen "as early as possible."

"We still expect the House will pass the GENIUS Act because President Trump is pushing for its enactment," Seiberg said. "Our view is that members of the House Freedom Caucus will relent to the President's demand even though they object to having to accept the Senate version of the bill."

Bitcoin

and ether (ETH) each knee-jerked lower by about 0.5% on the news, but both have recovered most of those declines. High-flying stablecoin issuer Circle (CRCL) has moved to its session low on the news, falling nearly 5% on the day. The stock remains higher by roughly sixfold since its IPO last month.

Procedural disruptions can be the norm in the legislative process. As the GENIUS Act headed toward passage in the Senate, a group of Democrats slammed the breaks to object to certain provisions and force more discussion. It's uncertain whether a similar delay could be forced by unhappy Republicans on this week's bills.

UPDATE (July 15, 21:03 UTC): Updates headline, story throughout to add that a 5pm ET voting has been canceled.

UPDATE (July 15, 21:39 UTC): Adds comment from analyst from TD Cowen on next steps.

UPDATE (July 16, 01:00 UTC): Adds latest Trump post.