Topline
President Donald Trump said nearly all of the House Republicans who blocked the passage of a procedural vote on a package of key crypto bills on Tuesday have agreed to vote in favor of it, potentially clearing the way for the legislation to move forward at a time when the president’s businesses have become more deeply involved in crypto.
Rep. Marjorie Taylor Greene, R-Ga., arrives for a meeting of the House Republican Conference at the … More
Key Facts
Thirteen Republicans, mostly hardline conservatives, voted alongside Democrats in a 196-223 vote against a procedural motion to move three crypto bills forward.
In a post on his Truth Social platform on Tuesday night, Trump said he had a “short discussion” at the Oval Office with “11 of the 12 Congressmen/women necessary to pass the GENIUS Act” and “they have all agreed to vote tomorrow morning in favor of the Rule.”
Trump added that Speaker Mike Johnson, R-La., joined the meeting via telephone and “looks forward to taking the Vote as early as possible.”
The president’s post didn’t mention which 11 of the 13 holdouts had met him and it is also unclear if the bill now has enough backers to allow for the procedural vote’s passage.
The bills include what’s known as the GENIUS Act to regulate stablecoins, the Digital Asset Market Clarity Act and the Anti-CBDC Surveillance State Act.
Johnson told reporters House members who blocked the legislation did so because they want to see all three bills joined together in one package, which would allow them to wield more control over the regulations.
Earlier Tuesday, Trump urged the House to “get the first Vote done this afternoon” and told “ALL REPUBLICANS” to “VOTE YES” in a post on Truth Social, acknowledging what Republicans have dubbed as “crypto week.”
Chief Critic
Rep. Marjorie Taylor Greene, R-Ga., said she voted against the rule for debating the legislation because House Speaker Mike Johnson, R-La., did not allow members to submit amendments and because the GENIUS Act does not include a ban on a Central Bank Digital Currency (though the Anti-CBDC Surveillance State Act explicitly prohibits the Central Bank from issuing a digital currency).
Key Background
The GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act would legitimize the use of stablecoins for issuers and coin holders by establishing a regulatory framework. The Digital Asset Market Clarity Act establishes which agency—the Securities and Exchange Commission or the Commodity Futures Trading Commission—regulates certain digital assets. The Anti-Central Bank Digital Currency Surveillance State Act prohibits the Federal Reserve from issuing a central bank digital currency.
What To Watch For
The House is expected to vote again on the rule later Tuesday. The vote against moving the crypto bills forward effectively stalled business in the House, threatening timely passage of Trump’s request to claw back $9.4 billion in federal foreign aid and public media spending as Congress has until Friday to act on the appeal under the 45-day timeline.
Tangent
Trump is pushing the crypto legislation as his family businesses have deepened their involvement in the industry, including through the launch of the crypto firm, World Liberty Financial, which has multiple foreign investors. Some Democrats have pulled back on their support of new crypto regulations as Trump’s family business ventures in the industry have raised conflict-of-interest concerns.
Further Reading
Landmark Crypto Regulation Passed By Senate: What To Know About Stablecoin GENIUS Act (Forbes)
Trump-Backed Crypto Regulation Bills Fail To Clear Key Hurdle In Congress (CNBC)
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