Crypto Week Ongoing: Trump Says GENIUS Act Ready to Pass After GOP Revolt

President Trump on Tuesday said he had secured enough House votes for the GENIUS Act on stablecoins, after it initially failed to pass due to a revolt by a group of right-wing Republicans.

“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” Trump wrote on Truth Social.

“Speaker of the House Mike Johnson was at the meeting via telephone and looks forward to taking the vote as early as possible. I want to thank the Congressmen/women for their quick and positive response,” he added.

During what has been dubbed “Crypto Week,” House Speaker Mike Johnson abruptly canceled Tuesday's House proceedings to advance digital asset legislation after a 196-222 vote rejected consideration of the bill, largely due to opposition from the House Freedom Caucus.

Bitcoin, ETH, and XRP briefly tumbled from recent highs following the news but stabilized after Trump announced the bill could move forward. Bitcoin remains above $118K, as investors believe a crypto-friendly U.S. president could continue to support the digital currency and its role in the modern financial system.

The GENIUS Act, which received bipartisan approval in the Senate in June with a 68-30 vote, would for the first time create a federal framework for payment stablecoins. It requires liquid-asset backing, audits, monthly disclosures, and dual federal-state oversight.

The House has ultimately decided to take up the Senate-passed version. If the House votes in favor, the bill will be finalized and sent directly to President Trump for his signature.