State of Crypto: The Industry's No Good, Very Bad Wait Actually Excellent Week
1For the first time, a crypto bill became a law.
The "Guiding and Establishing National Innovation for U.S. Stablecoins Act," otherwise known as the GENIUS Act, is now the law of the land, after President Donald Trump signed the first major U.S. legislation following a week-long process to pass it and two other bills in the House of Representatives.
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On Friday, U.S. President Donald Trump signed a crypto bill into law. This is the first time a major cryptocurrency bill has become law, and it likely is not the last.
For the first time, a major cryptocurrency bill has become law in the U.S. The GENIUS Act, which sets out to create a regulatory framework governing stablecoins, or cryptocurrencies pegged to another asset like the U.S. dollar, kickstarts a process that will see the Federal Reserve, Office of the Comptroller of the Currency and other regulators become far more involved in the crypto sector.
There was a bit of a false start. The House Rules Committee met Monday evening to debate the bills with key members of the Financial Services and Agriculture Committees ahead of a procedural vote, which the House held Tuesday. That procedural vote was expected to sail through, albeit on party-line votes.
It did not.
Members of the House Freedom Caucus voted against the procedural motion to open debate and threw a wrench into the House's "Crypto Week."
Later that evening, U.S. President Donald Trump posted on his social media platform Truth Social that 11 of the holdouts had agreed to vote for the motion and the House reconvened on Wednesday to first vote to hold a redo on the other vote (this one passed mostly along party lines) and then to actually redo the other vote. Many of the 11 holdouts continued to hold out.
Trump, in remarks made before signing the GENIUS Act on Friday, joked about this: "I am so tired of making phone calls at 2, 3, 4 o'clock in the morning."
Still, after a record-breaking 9+ hour vote, the lawmakers did finally vote in favor of the move to debate, clearing the way to a final vote for the three bills on Thursday.
Despite these hiccups, Congressman Bryan Steil noted that Crypto Week largely played out as planned, with three bills getting passed and one heading to the president's desk.
"In the House, it feels like in the home stretch with the narrow majority, there's final negotiations, final discussions," he said on CoinDesk TV Thursday ahead of the vote. "But the good news is the play call that was made at the start of the week is the play call we're executing today, which is passing GENIUS, putting that on the president's desk for his signature into law."
Moreover, while industry participants anticipated that maybe 30 or so Democrats would vote for the bills, the actual numbers dramatically surpassed this — 78 Democrats joined 216 Republicans in voting for Clarity and 102 Democrats/206 Republicans voted for GENIUS. For context, last year's Financial Innovation and Technology for the 21st Century Act (FIT21), Clarity's predecessor, saw 78 Democrats and 208 Republicans vote in favor.
House Financial Services Committee Chairman French Hill, speaking at a press conference after Thursday's votes, was positively giddy at successfully shepherding the...
https://www.coindesk.com/news-analysis/2025/07/19/state-of-crypto-the-industrys-no-good-very-bad-wait-actually-excellent-week
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