House Votes on GENIUS Act to Lead Digital Assets as $9.4 Billion Rescissions Package Looms

The House of Representatives is set to vote on a landmark bill, the GENIUS Act, which aims to establish the United States as the global leader in digital assets. President Donald Trump has highlighted the significance of this legislation, stating that it will cement America's position as the top player in the digital asset sector. This bill is part of a larger initiative to bolster the nation's technological and economic strength.

The vote on the GENIUS Act coincides with a separate legislative effort involving a $9.4 billion rescissions package. This package seeks to revoke funding for various programs, including the Corporation for Public Broadcasting and the U.S. Agency for International Development (USAID). House Republicans are urging the Senate to pass this bill without any amendments, as changes would necessitate its return to the House for final approval before reaching the president's desk.

The urgency surrounding the rescissions package is driven by a Friday deadline. After this date, the Trump administration would be required to release the funds as originally appropriated. Speaker Mike Johnson has emphasized the importance of defunding public broadcasters and USAID, but some moderate GOP senators have raised concerns about certain cuts, particularly those affecting the President’s Emergency Plan for AIDS Relief (PEPFAR).

Despite warnings from House Republicans, there is a strong likelihood that the Senate will make changes to the bill. Many House Republicans, including hard-line conservatives, have indicated they will support the final product regardless of Senate amendments. The president has also threatened to withhold support from any members who vote against the package, adding pressure on lawmakers to approve one of his top priorities.

The House is scheduled to adjourn on Thursday and be out of session on Friday, but the Senate's delay has raised the possibility of the House extending its stay to meet the rescissions deadline. House Majority Leader Steve Scalise has not confirmed whether additional voting days will be added, but he has stressed the need to get the bill to the president's desk by the end of the week. GOP leadership has prepared a procedural mechanism to expedite the process, including a provision that waives the requirement for a two-thirds majority to consider the rescissions bill the same day it arrives back from the Senate.

The upcoming vote on the digital assets bill and the ongoing negotiations over the rescissions package underscore the intricate dynamics within the Republican Party as it balances legislative priorities and internal pressures. The outcomes of these votes will have far-reaching implications for the country's digital asset landscape and its approach to federal funding.