The US House of Representatives conducted a crucial vote on July 15, 2025, regarding three major cryptocurrency bills. The bills included stablecoin regulation, general crypto market oversight, and a ban on central bank digital currencies (CBDCs). However, the bills failed to pass due to strong opposition from the Republican Party’s right wing. The vote resulted in 196 in favor and 223 against, leading to the bills’ rejection. This outcome represents a significant obstacle for crypto regulations in the United States. 

Republican Party Divisions Block Regulations 

Among the bills, the most debated was the GENIUS Act, aimed at increasing transparency for stablecoins. The other two bills were the CLARITY Act and the Anti-CBDC Act. However, some Republican representatives demanded the bills be presented as a unified package rather than separately. This stance caused the vote to fail. President Donald Trump’s declared “Crypto Week” faced setbacks due to internal party disputes. 

This development heightened uncertainty in crypto markets. Shares of major crypto firms like Circle and Coinbase declined following the bills’ rejection. Bitcoin also fell by approximately 3%. House Speaker Mike Johnson and Majority Leader Steve Scalise announced plans to reintroduce the bills. However, internal Republican divisions may continue to hinder regulatory progress. 

Details of Important Crypto Bills 

The GENIUS Act sought to regulate stablecoins and enhance market security. The CLARITY Act proposed broader crypto market regulations. The Anti-CBDC Act aimed to ban central bank digital currencies. These bills sparked considerable attention within the crypto ecosystem but failed to advance due to political conflicts. 

This process holds critical importance for the future of crypto regulations in the US. Investors and market participants await clearer legislation, while ongoing obstacles increase uncertainty. Meanwhile, House leadership signaled that similar bills may return for consideration soon. 

In summary, the rejection of three key crypto bills by the US House caused market turbulence. Divisions within the Republican Party remain a serious barrier to regulation. This event marks a critical development for crypto investors to monitor closely. 

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CLARITY and GENIUS Votes 

Among the key regulations during Crypto Week, the 2025 Digital Asset Market Structure Clarity Act (CLARITY) stands out. This bill seeks to end the regulatory turf war between the SEC and CFTC. It also aims to bring clarity to asset classifications and prevent legal ambiguities like the Ripple vs. SEC case. This has implications for both individual and institutional investors. 

Meanwhile, the Guiding National Innovation and Ensuring Uniformity in Stablecoins Act (GENIUS) introduces strict safety requirements for stablecoin issuance. Passed in the Senate in June, it mandates 1:1 cash reserves, formal registration, and compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws. It’s also designed to prevent collapses like Terra (UST). Some officials propose combining both bills into a single comprehensive package. 

CBDC Ban and Political Tensions 

Another major proposal during Crypto Week is the Anti-CBDC Surveillance State Act, which seeks to block the Federal Reserve from issuing a digital dollar. Supporters argue that a CBDC could undermine financial privacy and enable centralized surveillance. 

However, Democrats have launched a counter-campaign named “Anti-Crypto Corruption Week”, accusing the CLARITY and GENIUS bills of serving Donald Trump’s interests. 

Additionally, on Tuesday, July 15 at 3:00 PM, the Senate Agriculture Committee will hold a session on market structure legislation. On Wednesday, July 16 9:00 am ET, the House Ways and Means Committee will discuss crypto taxation. 

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According to The Nation, the council aims to develop a comprehensive regulatory framework for cryptocurrencies to attract foreign direct investment (FDI) and position Pakistan as a leading crypto hub.

Support from Government Officials

The meeting brought together key stakeholders, including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Secretary of Information Technology.

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Senator Muhammad Aurangzeb commented on the initiative:

“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies.”

Pakistan’s Shift Toward a Pro-Crypto Stance

This move marks a significant departure from Pakistan’s earlier anti-crypto policies.

In May 2023, former Minister of State for Finance and Revenue Aisha Ghaus Pasha stated that crypto would never be legalized in Pakistan, citing Financial Action Task Force (FATF) regulations as the primary obstacle.

Inspired by U.S. Pro-Crypto Policies

Pakistan’s new approach to cryptocurrencies closely follows developments in the United States. On November 4, 2024, coinciding with the U.S. elections, Pakistan’s government legalized cryptocurrencies as a medium of exchange. After Donald Trump’s re-election and his inauguration on January 20, 2025, the Trump administration quickly implemented pro-crypto policies.

On January 23, Trump signed an executive order establishing the Working Group on Digital Assets, which prohibits research into central bank digital currencies (CBDCs). In March 2025, Trump also announced the creation of a Bitcoin Strategic Reserve and a separate digital asset stockpile that will likely include cryptocurrencies developed by U.S.-based firms.

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