Today's Genius Act failure was due to internal divisions among Republicans, with 12 to 13 hardline members, including Rep. Marjorie Taylor Greene, opposing the bill. Critics, particularly some Republicans, argued that the GENIUS Act lacked a ban on Central Bank Digital Currencies (CBDCs) and that amendments were not allowed, leading to the procedural vote's defeat. This stalled President Donald Trump’s “Crypto Week” initiative, which aimed to advance crypto legislation and position the U.S. as a global leader in digital assets. The crypto market saw some impact, with companies like Circle and Coinbase experiencing stock drops. The future of the GENIUS Act remains uncertain as GOP leaders may attempt to revise and push it forward before the August recess.

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