Trump Secures 11 Votes to Advance Crypto Bills in House

Donald Trump has brokered a deal to rescue key cryptocurrency legislation in the House, following a period of uncertainty and opposition from conservative lawmakers. The announced that 11 out of 12 House representatives have agreed to support the GENIUS ACT bill, which aims to establish a regulatory framework for stablecoins and other cryptocurrency-related measures. This development comes after a tumultuous "crypto week" in the House, where Republicans struggled to pass a series of crypto-related bills that they had initially expected to approve without issue.

The GENIUS ACT, along with the CLARITY and Anti CBDC Surveillance Act, had faced significant opposition from conservative members who wanted these bills to be combined into a single piece of legislation. The speaker of the House explained that the conservatives who voted against the rule sought a more unified approach to cryptocurrency regulation. Trump's intervention has helped to unblock the legislative process, with the GENIUS Act now poised for a vote that could revive pro-crypto legislation.

The House is attempting to pass a series of crypto-related bills, with the GENIUS Act being one of the most notable. This bill is designed to provide a clear regulatory framework for stablecoins, which are digital assets pegged to the value of a fiat currency, such as the U.S. dollar. The establishment of such a framework is seen as crucial for the growth and stability of the cryptocurrency market, as it would provide clarity and legal certainty for businesses and investors operating in this space.

Trump's involvement in this legislative process highlights his continued influence in Republican politics and his support for cryptocurrency regulation. His efforts to secure the necessary votes for the GENIUS Act demonstrate his commitment to advancing pro-crypto legislation, despite the challenges posed by conservative hard-liners. The successful passage of this bill could have significant implications for the future of cryptocurrency regulation in the United States, potentially paving the way for further legislative developments in this rapidly evolving field.

Trump secured key votes to advance stalled crypto bills, restoring market confidence and putting stablecoin rules back on track. The House now prepares to vote on bills defining stablecoins and crypto tokens, after Trump swayed 11 Republicans to support them. A potential CBDC ban is also up for debate as Trump’s move revives momentum for clearer crypto laws during “Crypto Week” in Congress.

U.S. President Donald Trump has intervened to revive stalled crypto legislation in the House of Representatives, securing a critical shift in votes. On Tuesday, after a failed procedural vote rattled markets, Trump met with 11 of 12 Republican holdouts in the Oval Office. Following their discussion, he announced that all had agreed to support the bills in a vote set for Wednesday morning.

The action takes place during what House Republicans have nicknamed “Crypto Week.” Lawmakers hope to enact a number of long-awaited laws that would specify the regulations governing cryptocurrencies, particularly stablecoins. The crypto industry, which has fought hard for more transparent regulations and legal recognition in the US market, has seen a political victory with Trump’s intervention.

A procedural vote to move the proposals forward earlier surprisingly failed. Concerns about the legislative packaging led several conservative Republicans to support Democrats. Nevertheless, those losses were somewhat recovered following Trump’s statement. House Speaker Mike Johnson said discussions would continue into the night. He expressed confidence in holding another vote quickly. Consequently, Trump’s meeting with the holdouts proved timely and effective, calming investor fears and putting the bills back on track.

A plan to govern stablecoins—digital assets linked to conventional currencies like the US dollar—is one of the bills being considered. In the cryptocurrency ecosystem, these tokens are essential for transferring money. Moreover, another bill aims to clarify when a crypto token qualifies as a commodity, a major gray area in current U.S. law. Additionally, the House plans to consider a separate bill that would ban the launch of a U.S. central bank digital currency (CBDC). Republicans argue that a CBDC could give the federal government too much control over personal finances.