The House says no to Trump’s Genius Act and crypto-friendly bills, but he insists the votes are there. Just not quite yet.

The Genius Act: Big Ideas, No Votes

Donald Trump’s latest legislative pet project, the Genius Act (read it here), was supposed to be the crown jewel of his post-presidential policy comeback—a sprawling package that bundled AI innovation incentives with deregulation dreams and crypto sweeteners for the MAGA faithful. But despite the name, it turns out Congress wasn’t feeling particularly inspired.

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.

Americans do not want a government-controlled Central Bank Digital Currency.… pic.twitter.com/NnkeIOH0dE

— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) July 15, 2025

In a dramatic vote on Tuesday, House Republicans couldn’t even keep the bill on life support. Conservative hardliners sank it, ignoring Trump’s very public lobbying effort and reminding everyone that even the Donald can’t always bend the House to his will.

Speaker Mike Johnson, once again looking like a man whose gavel weighs a thousand pounds, failed to rally the troops. The rebellion from the Freedom Caucus and other far-right members left the Genius Act and its accompanying crypto bills dead on arrival. Trump’s response? That he has the votes and will go again.

What Was in the Genius Act, Anyway?

On paper, the Genius Act looked like a mash-up of Trumpian greatest hits and tech‑bro fever dreams. The bill aimed (or aims) to:

• Create a new federal classification for “critical technological innovation zones,” offering tax breaks and regulatory fast-tracking to AI, biotech, and crypto startups.
• Significantly limit SEC oversight of digital assets by defining “permitted payment stablecoins” outside its jurisdiction and shifting power to banking regulators.
• Codify clear—and industry‑friendly—definitions and licensing frameworks for dollar‑pegged digital tokens, giving stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term issuers regulatory certainty.

The problem? No one could agree whether this was smart governance or a Silicon Valley fan-fiction draft gone rogue.

Crypto Bros Left HODLing

Alongside the Genius Act were two major crypto-related bills: The Clarity Act (Congress filing) and the Anti-CBDC Surveillance Act (Congress filing). Both promised a more hands-off approach to digital asset regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, essentially drawing clear lines between securities and commodities while neutering the SEC's power over crypto exchanges.

The bills had industry backing, with crypto companies lobbying hard for passage. But the same ideological divisions that tanked the Genius Act also kneecapped the crypto bills. Fiscal hawks didn’t like the deregulation. Traditional conservatives didn’t like the “new money.” And Democrats? Well, they weren’t invited to the party in the first place.

The result: nothing passed. And the crypto market, ever sensitive to Washington winds, dipped slightly on the news, with Bitcoin initially tumbling. For now, crypto legislation remains stalled in the fog of Washington’s tribal warfare.

Trump Claims to Have the Votes

Of course, this wouldn’t be a Trump saga without a post-failure victory lap. Hours after the vote, Trump blasted out on Truth Social that the setback was temporary and that he had the votes.

ABC News noted that Trump had personally lobbied several House members before the vote. Quite what he promised was unknown at the time of writing. However, Speaker of the House Mike Johnson released the following statement: “I'm thankful for President Trump getting involved tonight to ensure that we can pass the GENIUS Act tomorrow and agreeing again to help us advance additional crypto legislation in the coming days.”

The Takeaway

The Genius Act tried to be everything: pro-crypto, anti-regulation, pro-America, pro-Trump. In the end, it proved that even in a post-Trump GOP, not everyone is ready to fall in line, at not without a lot of additional work (and promises, no doubt).

Watch this space.

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