Trump Faces Stunning Setback — Crypto Bills Blocked in House Vote, Market Turmoil Looms?
TradingKey – On Tuesday, July 15, three major crypto bills backed by President Donald Trump were unexpectedly defeated in a procedural vote in the U.S. House of Representatives. The tally: 196 in favor, 223 against, effectively halting the legislation from advancing to formal debate or reaching Trump’s desk for signature.
The market reacted swiftly:
- Bitcoin (BTC) extended its decline, falling below $118,000
- Crypto stocks plunged:
- Canaan Inc. (CAN): down 10.59%
- Circle (CRCL): down 4.58%
- MicroStrategy (MSTR): down 1.93%
- Coinbase (COIN): down 1.52%
Trump reportedly expressed frustration over the vote, which saw 13 House Republicans break ranks and join Democrats to block the bills. However, according to Politico, Trump has since brokered a deal with GOP hardliners to revive the legislation.
In addition, cryptocurrency reporter Eleanor Terrett revealed that the U.S. House of Representatives has scheduled a new round of procedural voting, which is expected to take place at noon Eastern Time on July 17.
While the revised vote may have a higher chance of passing, amendments to the bill language are likely, especially around CBDC provisions. If the second vote fails, it could trigger further downside pressure on Bitcoin and crypto-related equities.
Related Articles
Bitcoin Price Forecast: Trends and Investment Outlook from 2025 to 2030
From $0.01 in 2009 to $120,000+ in 2025, Bitcoin has evolved from obscurity to a globally recognized financial asset. While institutions and governments increasingly embrace it, investors must remain vigilant against volatility, security risks, and scams.
Philip Morris International (PM): Successfully Moving Away from Traditional Products
TradingKey - Philip Morris International (PM) is perhaps the best positioned consumer stock at this moment. No other tobacco firm comes closer to the efforts PM is making to move away from traditional combustible products and no other big consumer company has the earnings growth potential as PM is h
TSMC Q2 FY2025 Preview: Strong AI Demand Amid Geopolitical Risks
TradingKey - Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) is set to release its Q2 2025 earnings on Thursday, July 17, 2025, before the Taiwan market opens. The company will hold its earnings conference call and webcast on the same day at 14:00 Taiwan time (2:00 a.m. Eastern Time).
Hasbro, Inc.: Can Transformers Morph into a Digital Giant?
Hasbro demonstrates growth potential through digital gaming expansion, brand licensing, and emerging market strategies, with digital gaming revenue surging 46% and an operating margin of 49.8% in Q1 2025. Cost-saving initiatives boost profitability, with a DCF valuation indicating a fair value range.jpg)
Japan June Inflation Preview: Expected to Ease but Remain Above Target, Providing Short-Term Support for the Yen
TradingKey - Japan is set to release its June inflation data on 18 July 2025, with market consensus forecasting that the National CPI (excluding fresh food) will ease to 3.3% year-on-year from 3.7% in May.
