Political Fumbles: Congress Bungles GENIUS Act and CBDC Bills 🤦‍♂️

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In the grand theater of American politics, the Congress has once again taken center stage, not for its wisdom but for its folly. On a fateful Tuesday, July 15, the House of Representatives, a place where the noblest of intentions often meet the basest of realities, witnessed a spectacle that would have made even the most seasoned observer of human nature shake their head in disbelief. Twelve Republicans, in a move that can only be described as a political miscalculation of epic proportions, failed a procedural vote on several crypto-related bills, including the much-anticipated GENIUS Act. What was supposed to be a week of triumph for President Donald Trump, a man whose name is synonymous with grand gestures and bold moves, has instead become a week of disappointment and recrimination.

Of the total votes cast, 196 House members, a valiant but ultimately insufficient number, voted in favor of the bill’s continuation. However, 223 members, a majority that included the Democrats, voted against the debate of the legislation. This vote, a testament to the deep divisions that plague the American political landscape, has brought the House to a standstill and dealt a significant blow to President Trump and the wider Republican Party. 🏹

Furthermore, this unfortunate turn of events has prevented the Congress from even discussing, let alone voting on, the bill later this week. The political machinations and behind-the-scenes negotiations that led to this outcome will no doubt be the subject of much speculation and analysis in the days to come.

What Went Wrong in Congress With the Genius Act Bill?

According to Eleanor Terrett, a keen observer of the political scene, the Republicans who voted against the Genius Act argued that the bill could have been constructed to secretly allow the Federal Reserve to introduce a Central Bank Digital Currency (CBDC). This, they claimed, was a step too far, a potential overreach that could have far-reaching consequences for the American economy and the financial system as a whole.

NEW: Many of the House members who voted no today had concerns with the GENIUS Act possibly enabling a CBDC. However, there is language in GENIUS that would explicitly prohibit the Fed from creating a retail CBDC.

The section below says the bill shall not be construed as…

— Eleanor Terrett (@EleanorTerrett) July 15, 2025

The political divide, especially within the Republican Party, is a source of great consternation at a time when the margins with the Democratic Party are razor-thin. President Trump, a man known for his confrontational style and his ability to polarize, has found himself at odds with none other than Elon Musk, the enigmatic founder of the America Party. The ideological differences between the two have only added to the political drama and the sense of uncertainty that hangs over the nation.

The Trump administration, in its efforts to maintain America’s competitive edge in the global market, has been pushing hard for the passage of the GENIUS Act. The bill, they argue, is essential in the ongoing battle against China and other global economic powers. Moreover, the crypto market, with its growing influence among young voters, has become a key battleground in the political arena. The young, always eager for the new and the novel, have shown a keen interest in the world of cryptocurrencies, and their support could prove crucial in the upcoming elections.


As this story continues to unfold, one can only hope that the political leaders will find a way to bridge their differences and work towards a common goal. For now, all eyes are on the House and President Trump, and the outcome of this political drama will no doubt have a significant impact on the crypto market and the broader economic landscape. Stay tuned for tomorrow’s update, and may the gods of politics and finance be merciful. 🙏

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2025-07-16 02:52