Bitcoin Falls to $115,000 as GOP Blocks Trump-Backed Crypto Bills

- Bitcoin plunged to $115,200 following the House’s surprise rejection of three Trump-backed cryptocurrency bills. - Other digital assets and crypto-related stocks also saw significant declines amid market turbulence. On July 16, 2025, the cryptocurrency market faced a major jolt after the House of Representatives unexpectedly blocked three key crypto-related bills championed by former President Donald Trump. The legislative package failed to advance in a 198-221 procedural vote, with 13 Republicans crossing party lines to oppose the bills. As a result of the news, Bitcoin, which was trading high at over $123,000, fell sharply to $115,200. The market turbulence extended to other major cryptocurrencies, including Ethereum, XRP, and Solana, which also posted significant losses, while crypto-related stocks like Coinbase and MicroStrategy plunged. Dubbed "Crypto Week" by House Republican leadership, the legislative bundle included three central proposals aimed at reshaping the U.S. crypto regulatory landscape. The first, the Clarity for Payment Stablecoins Act, sought to create a federal framework for stablecoins. The second, the Financial Innovation and Technology for the 21st Century Act (FIT21), was designed to resolve jurisdictional clashes between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital asset oversight. Meanwhile, the third bill, the Anti-CBDC Surveillance State Act, intended to block the Federal Reserve from developing a central bank digital currency (CBDC) due to privacy concerns. Despite these ambitious goals, the package failed abruptly due to internal Republican disputes. Conservative lawmakers who opposed the bills raised objections, citing insufficient safeguards against CBDC creation within the stablecoin framework. Some, like Rep. Bob Good (R-VA), criticized Speaker Mike Johnson for refusing to allow amendments and for not consolidating the bills into a single proposal. Dissenting members reportedly met with Trump after the vote, suggesting they might support the legislation under revised terms in the future. Prior to the House decision, former President Donald Trump, in a post on Truth Social, had urged Republican members to back the bills, emphasizing the need for regulatory clarity and U.S. leadership in the global crypto space. While the setback dealt a blow to immediate progress, congressional leaders reportedly remain optimistic and plan to reintroduce the legislation for another vote soon. According to data from CoinMarketCap on July 16, the market showed signs of a slight recovery. As of 04:09 UTC, Bitcoin (BTC) was trading at $117,494.31, and its 24-hour trading volume had risen by 0.49%. In addition, other assets showed gains, with Ethereum (ETH) priced at $3,412.87 after a 5.80% increase in trading activity. Similarly, XRP (XRP) stood at $0.90 and Solana (SOL) traded at $162.50, with both showing a 2.34% uptick in volume.