Trump Faces Stunning Setback — Crypto Bills Blocked in House Vote, Market Turmoil Looms?
TradingKey – On Tuesday, July 15, three major crypto bills backed by President Donald Trump were unexpectedly defeated in a procedural vote in the U.S. House of Representatives. The tally: 196 in favor, 223 against, effectively halting the legislation from advancing to formal debate or reaching Trump’s desk for signature.
The market reacted swiftly:
- Bitcoin (BTC) extended its decline, falling below $118,000
- Crypto stocks plunged:
- Canaan Inc. (CAN): down 10.59%
- Circle (CRCL): down 4.58%
- MicroStrategy (MSTR): down 1.93%
- Coinbase (COIN): down 1.52%
Trump reportedly expressed frustration over the vote, which saw 13 House Republicans break ranks and join Democrats to block the bills. However, according to Politico, Trump has since brokered a deal with GOP hardliners to revive the legislation.
In addition, cryptocurrency reporter Eleanor Terrett revealed that the U.S. House of Representatives has scheduled a new round of procedural voting, which is expected to take place at noon Eastern Time on July 17.
While the revised vote may have a higher chance of passing, amendments to the bill language are likely, especially around CBDC provisions. If the second vote fails, it could trigger further downside pressure on Bitcoin and crypto-related equities.
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