House Passes GENIUS Act 215-211 After Trump Intervention

The U.S. House of Representatives voted 215-211 on July 16 to pass a procedural motion, allowing the GENIUS stablecoin bill, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act to proceed to final votes. This vote marked a significant turnaround after an unexpected defeat the previous day during “Crypto Week” that had threatened to derail the administration’s comprehensive digital asset legislation agenda.

The procedural victory came just 24 hours after an unexpected 196-223 defeat during “Crypto Week” that threatened to derail the administration’s comprehensive digital asset legislation agenda. The outcome was determined entirely by Republican unity following President Trump’s direct intervention, as zero Democrats supported the procedural motion.

The GENIUS Act has already passed the Senate 68-30 in June with bipartisan support, including 18 Democrats joining most Republicans. The stablecoin-focused legislation could reach President Trump’s desk later this week, representing the first major cryptocurrency legislation to clear both chambers of Congress.

Trump’s late-evening meeting with 11 GOP holdouts on Tuesday night proved decisive in securing the commitments needed to advance all three bills. The president announced on Truth Social that the Republicans “have all agreed to vote tomorrow morning in favor of the Rule” after their Oval Office discussion.

The breakthrough occurred despite persistent Republican concerns about potential central bank digital currency authorization, even though the GENIUS Act explicitly states it “shall not be construed as expanding the Fed’s authority to offer services directly to the public.”

Thirteen Republicans initially voted against Tuesday’s procedural rule, citing fears about CBDC issuance despite clear prohibitive language in the legislation. The revolt included prominent conservatives such as Reps. Marjorie Taylor Greene, Chip Roy, and Andy Biggs. The Republican resistance occurred despite the House leadership’s strategy to advance the Senate version without amendments, seeking to expedite delivery to Trump’s desk.

This approach was designed to avoid potential complications from extended congressional negotiations or bundling with more contentious crypto legislation. The GENIUS Act establishes federal licensing requirements for stablecoin issuers and mandates full backing with U.S. dollars or equivalent liquid assets. Consumer protections are included for bankruptcy scenarios, with stablecoin holders receiving priority payments over other creditors.

The timing coincided with the final push for crypto legislation during the administration’s designated “Crypto Week.” The guidance removes “reputational risk” as a factor in bank supervision, creating major opportunities for traditional financial institutions to engage with digital assets. The Anti-CBDC Surveillance State Act explicitly prohibits the Federal Reserve from issuing a central bank digital currency, while the CLARITY Act establishes comprehensive market structure regulations for digital assets.

Senate Banking Committee Chairman Tim Scott emphasized that the GENIUS Act makes it clear that the Federal Reserve lacks the authority to issue a CBDC. This latest development comes as federal banking regulators issued guidance Monday clarifying that banks can provide cryptocurrency custody services in both fiduciary and non-fiduciary arrangements.

In summary, the passage of the procedural motion for the GENIUS Act, Anti-CBDC Act, and CLARITY Act in the U.S. House of Representatives marks a significant milestone in the legislative process for digital asset regulation. The bipartisan support in the Senate and the unified Republican vote in the House highlight the growing importance of cryptocurrency legislation. The GENIUS Act, in particular, aims to establish clear guidelines for stablecoin issuers and protect consumers, while the Anti-CBDC Act and CLARITY Act address concerns about central bank digital currencies and market structure regulations, respectively. The administration’s efforts during “Crypto Week” underscore the commitment to advancing comprehensive digital asset legislation, despite initial setbacks and Republican concerns.