On Tuesday a series of digital asset bills supported by former President Donald Trump failed to pass a critical procedural vote in the House of Representatives on Tuesday. The motion was defeated with a 196–223 vote, as 13 Republicans broke ranks to join Democrats in opposition.
The setback came despite Trump’s public push for support earlier in the day. “The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets – Nobody does it better!” he posted on Truth Social.
Following the failed vote, crypto-related stocks fell. Circle Internet Group dropped 4%, while Coinbase Global slipped 1%. Bitcoin also declined, falling more than 2% on the day and dipping below the $117,000 mark.
The Republican-led U.S. House of Representatives then on Wednesday cleared a crucial procedural hurdle, paving the way for the likely passage of multiple cryptocurrency-related bills. The move came just a day after President Donald Trump personally intervened to revive the effort.
The vote allows lawmakers to formally consider the long-anticipated bills, which have been strongly supported by the crypto industry and are widely expected to pass. It followed a failed procedural vote on Tuesday, when conservative Republicans, amid disagreements over the legislative process, joined Democrats to block the measure.
One of the bills, which would create a federal regulatory framework for stablecoins, is now poised to be signed into law by President Trump once passed by the House—representing a major milestone for the crypto sector.
Stablecoins, a class of digital assets typically pegged 1:1 to the U.S. dollar, are widely used by crypto traders to transfer funds between tokens. Their popularity has surged in recent years, and advocates argue they offer the potential for instant payments.
The House’s initial attempt to advance the legislation faltered Tuesday, but following a meeting between Trump and the Republican holdouts, a second vote was scheduled for Wednesday—setting the legislation back on track.
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