GENIUS Act, other crypto bills blocked in U.S. House: ‘The Senate did not…’

Key Points

1. The GENIUS Act, aimed at regulating stablecoin issuance and exchange, was blocked in the U.S. House with a final vote of 196-223.

2. Rep. Marjorie Taylor Greene mentioned that President Trump's executive order aligned with the GENIUS Act, but the Senate omitted key details.

3. The CLARITY Act, which would determine crypto asset classification under SEC or CFTC oversight, was also affected by the legislative snag.

4. Crypto stocks, including Circle Internet Group (USDC issuer) and Coinbase, saw declines following the legislative setback.

5. House Republican leaders plan to amend the bills to address regulatory framework concerns.