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

@Roy, this matter is related to regulation and legal policy, so I’m assigning it to you.

Key Event: Bitcoin plummeted to $115,222 after three major crypto bills tied to Donald Trump were blocked in the House of Representatives, where a surprising defection of 13 Republicans led to the bills' defeat in a 196-223 vote. These bills aimed to regulate stablecoins, resolve SEC vs. CFTC jurisdiction conflicts, and ban a Federal Reserve-issued digital currency. This unexpected legislative gridlock stunned markets, leading to significant drops in Bitcoin and altcoins like ETH, XRP, and SOL, alongside declines in crypto-related stocks.

Crypto Market Stumbles as House Republicans Block Key Legislation

Washington D.C. - The cryptocurrency market experienced a sharp downturn on Tuesday after a package of three crypto-related bills, publicly backed by President Donald Trump, was unexpectedly blocked in the House of Representatives. A procedural vote to advance the legislation failed 196-223, with 13 Republican members joining Democrats in opposition, stalling what the GOP had dubbed "Crypto Week."

The legislative package included three key bills:

• The GENIUS Act, aimed at creating a federal regulatory framework for stablecoins.
• The Digital Asset Market Clarity Act (CLARITY Act), intended to resolve jurisdictional disputes between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
• The Anti-CBDC Surveillance State Act, which would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).

The sudden legislative roadblock sent shockwaves through the crypto markets. Bitcoin, which had recently touched an all-time high of over $123,000, saw its price fall. As of July 16, 2025, Bitcoin was trading around $117,200. Other digital assets also retreated, and crypto-related stocks, such as those of Coinbase and Circle, experienced declines in the wake of the news.

The defeat was attributed to a group of conservative Republicans who broke ranks. Some of the defectors, including Rep. Marjorie Taylor Greene (R-GA), expressed concerns that the stablecoin bill did not contain a sufficient ban on a CBDC and that House Speaker Mike Johnson had not allowed for amendments. Others reportedly wanted the three bills to be consolidated into a single package.

President Trump had earlier urged all Republicans to support the bills in a post on Truth Social. Following the failed vote, reports indicated that the dissenting Republicans had met with President Trump and agreed to support a future procedural vote, suggesting the bills may be brought to the floor again. House leadership expressed intentions to hold another vote in an effort to move the legislation forward.

Roy, focus your article on clearly explaining the key development: House Republicans unexpectedly blocked three crypto-related bills, causing market turbulence. Open with the legislative failure and its market impact—Bitcoin’s drop from its all-time high and declines in crypto-related stocks. Concisely outline the three bills and their significance, but avoid excessive procedural detail. Highlight the internal GOP dissent, especially objections over CBDC-related provisions, and Trump’s influence on the situation. Close by mentioning the likelihood of a future vote to keep the story forward-looking. Keep it sharp, factual, and avoid unnecessary background filler.

Bitcoin Falls to $115K 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.

The cryptocurrency market faced a major jolt on July 16, 2025, after three key crypto-related bills championed by former President Donald Trump were unexpectedly blocked in the House of Representatives. The legislative package failed to advance through a procedural vote, with a tally of 196-223, as 13 Republicans crossed party lines to oppose the bills. The news triggered immediate market repercussions, with Bitcoin—riding high at over $123,000—falling sharply to $115,200. Several other cryptocurrencies, including Ethereum, XRP, and Solana, posted losses, alongside plunges in crypto-related stocks like Coinbase and Circle.

Dubbed "Crypto Week" by House Republican leadership, the legislative bundle consisted of three central proposals aimed at reshaping the U.S. crypto regulatory landscape. The GENIUS Act sought to create a federal framework for stablecoins. The CLARITY Act aimed to resolve jurisdictional clashes between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital asset oversight. The Anti-CBDC Surveillance State Act, meanwhile, aimed to block the Federal Reserve from developing a central bank digital currency (CBDC) due to privacy concerns. Despite the ambitious goals of the package, internal Republican disputes spelled its abrupt failure.

Conservative lawmakers opposing the bills raised objections regarding insufficient safeguards against CBDC creation in the stablecoin framework. Some, like Rep. Marjorie Taylor Greene (R-GA), criticized Speaker Mike Johnson over his refusal to allow amendments and pushed for the bills to be consolidated into a single proposal. Reports suggest that dissenting members later met with Trump, indicating potential support for revised terms at an upcoming vote.

Ahead of the House decision, President Trump had urged Republican members to back the bills via a Truth Social post, emphasizing the need for regulatory clarity and global crypto leadership. Although the setback dealt a blow to immediate progress, congressional leaders remain optimistic about reintroducing the legislation for another vote soon.

As of 04:09 UTC on July 16, 2025, Bitcoin (BTC) is trading at $117,494.31, with a 0.49% rise in trading volume over the last 24 hours, according to CoinMarketCap. Ethereum (ETH) is priced at $3,112.87, registering a 5.80% increase in trading activity. XRP (XRP) stands at $2.90, reflecting a 2.34% uptick, while Solana (SOL) is trading at $162.50, showing a 2.34% gain.