Congress Agrees to Vote on GENIUS Act for Crypto Regulation

U.S. President Donald Trump announced that key members of Congress have agreed to support a procedural vote on the GENIUS Act, following a meeting held in the Oval Office. The meeting was attended by representatives from 11 of the 12 houses, with House Speaker Mike Johnson participating via telephone. Trump expressed his gratitude to the Congress members for their swift and positive response, emphasizing the importance of the GENIUS Act in advancing crypto regulation.

The announcement comes after the U.S. House blocked a key procedural motion earlier in the day, which delayed the consideration of important crypto regulation bills, including the GENIUS Act, CLARITY Act, and Anti-CBDC Act, along with other measures. This procedural vote is crucial as it paves the way for the GENIUS Act to move forward in the legislative process.

The GENIUS Act, which aims to create a regulatory framework for stablecoins, has been a contentious issue among lawmakers. The Senate passed the bill last month, and President Trump has called on the House to quickly pass a "clean" stablecoin bill and send it to his desk. However, hardline conservatives have expressed concerns over the cryptocurrency legislation, leading to a delay in the procedural vote.

The House of Representatives is scheduled to vote on the GENIUS Act early Wednesday, following discussions with dissenting parties. The vote is expected to pass, given the support from key Congress members. The passage of the GENIUS Act would mark a significant step in the regulation of stablecoins and the broader cryptocurrency market.

The GENIUS Act is part of a broader effort to create a regulatory framework for stablecoins, which are digital assets pegged to the value of a fiat currency, such as the U.S. dollar. The bill aims to provide clarity and certainty for stablecoin issuers and users, while also addressing concerns over financial stability and consumer protection.

The passage of the GENIUS Act would have significant implications for the cryptocurrency market, as it would provide a clear regulatory framework for stablecoins. This would help to address concerns over financial stability and consumer protection, while also promoting innovation and competition in the cryptocurrency market. The bill would also help to ensure that stablecoins are issued and redeemed in a transparent and accountable manner, which would help to build trust and confidence in the cryptocurrency market.