While the Republican's "One Big Beautiful Bill" sailed through Congress with fanfare and support, the trio of smaller and less beautiful cryptocurrency bills appear to be struggling to even get a vote. The gridlock stalled bitcoin's recent rally as "Crypto Week" runs into a roadblock.
The House of Representatives could hold another procedural vote on Wednesday to consider three key crypto bills aimed at reforming the digital-asset industry. Heading into the week, House members hoped to make progress on the CLARITY Act, which establishes a market framework for digital assets. Also on the docket is the Genius stablecoin bill, which passed the Senate in June. Bill number three is the Anti-CBDC Surveillance State Act, which prohibits Federal Reserve Banks from issuing central bank digital currencies.
Crypto Week Legislation Blitz: Here Are The Bills Up For Debate
However, the crypto bills hit a holdup on Tuesday after a group of 13 Republicans joined Democrats to prevent the legislation from being brought up for debate. Politico reported that the GOP members wanted some additions to the GENIUS Act, rather than accepting the bill as-is. The concerns regarded including a ban for government-sponsored digital currencies to be added to the GENIUS bill. Those stipulations are included in the CLARITY Act, which has yet to pass the Senate.
On Tuesday afternoon there were some proposals to roll all three crypto bills into one act, but that failed to garner the required support.
Trump Wrangles Support
President Trump in a social media post on Tuesday evening said he met with 11 of the 12 Congressmembers needed to pass the GENIUS Act.
"After a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," President Trump posted online. He added that House Speaker Mike Johnson attended via telephone and will take the vote "as early as possible."
If the procedural vote does pass this time around, the voting schedule will be flipped, according to Politico. Lawmakers will vote on the GENIUS Act first on Wednesday instead of the CLARITY Act.
Potential Impact
Cryptocurrency analysts expect the bills would provide some much-needed clarity to the digital asset industry.
Greg Benhaim, executive vice president at digital asset manager 3iQ said passage paves the way for further cryptocurrency innovation and adoption, but that may not happen immediately.
He doubts that legislative approvals will impact the price of bitcoin significantly. Benhaim said he "wouldn't be surprised" if there's a sudden price spike after bill approval, followed by a slow decline back in price prior to their passage.
But there are concerns. Sen. Elizabeth Warren (D-Mass.) during a July 9 committee meeting warned that the CLARITY Act may allow loopholes for some public companies like Meta Platforms or Tesla to tokenize their assets to avoid SEC regulations.
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The Independent Community Bankers Association in a recent letter to House leadership said that the legislation "must not create a shadow banking system that offers fewer protections to consumers," the American Banker reported.
The ICBA said that the CLARITY bill would amend the Bank Holding Company Act and "open the door" for crypto firms to own banks through a holding company. That could potentially usher in "a new generation of Too-Big-to-Fail institutions."
The ICBA also requested for the GENIUS Act to prohibit nonbanks from accessing Federal Reserve master accounts and ban workarounds from offering yield on stablecoins. The organization also pushed to prohibit crypto exchanges from offering "banking-like services that would lead to 'shadow banks'."
Those concerns have not been mended in the bill ahead of the "Crypto Week" votes.
Bitcoin, Crypto Price Action
Bitcoin traded below $119,000 early Wednesday, up from its Tuesday low near $116,200. The world's largest cryptocurrency on Monday powered to a new record near $123,100 to handily clear its previous peak of $111,970 from late May. Bitcoin has surged more than 27% in 2025.
Ethereum is trading near a fresh 2025 high on Wednesday, hitting $3,176 in the morning. Ethereum has rallied 25% over the past month to pare its decline on the year to around 5%.
Bitcoin treasury firm Strategy swung 1.7% higher early Wednesday. Shares are trading near the top of a buy zone for a cup base, above a 430.35 buy point following its July 11 breakout.
The iShares Bitcoin Trust ETF and other spot bitcoin ETFs rose 1.9% Wednesday. Shares of the group are trading in or above buy zones following their flat base breakouts from last week.
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