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In a setback for the crypto industry, key bills supported by President Trump failed to pass a House procedural vote. The rejection has sparked market volatility, with crypto-linked stocks tumbling.
- The GENIUS Act sought to establish regulatory clarity for cryptocurrencies, including stablecoins, but failed to pass a House procedural vote.
- 13 Republicans broke ranks to join Democrats in blocking the motion, highlighting rare dissent within the GOP.
- Crypto-linked stocks, including Circle, Coinbase, and Marathon Digital Holdings, dropped sharply following the vote's failure.
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