Trump Revives Crypto Bills After Persuading GOP Holdouts

In a dramatic turn of events on Tuesday, US President Donald Trump successfully persuaded a group of House Republicans to reverse their stance and revive stalled crypto legislation, including the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. This move came after a procedural vote had initially killed the bills, reigniting the national debate over federal crypto regulation. Lawmakers and DeFi leaders are divided on whether these bills promote innovation or stifle digital asset freedoms.

Earlier in the day, the House voted 196–223 against the rule that would have brought the bills to the floor. This procedural vote, which occurred during the administration’s so-called Crypto Week, caught many off guard. However, by nightfall, President Trump had reportedly met with 11 of the 12 GOP holdouts in the Oval Office and announced on Truth Social that they had agreed to support the rule. Trump wrote at 8:51 pm ET, “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.”

The procedural vote puts the bills back on track, but the ideological divide within the GOP remains. Many Republican opponents, including Rep. Marjorie Taylor Greene, are still skeptical of the GENIUS Act and fear it could lead to a central bank digital currency (CBDC) despite assurances to the contrary. Greene stated on X, “I just voted NO on the Rule for the GENIUS Act because it does not include a ban on Central Bank Digital Currency. And because Speaker Johnson did not allow us to submit amendments.”

The GENIUS Act regulates stablecoins, the CLARITY Act defines digital asset classifications, and the Anti-CBDC Surveillance State Act prevents the Federal Reserve from launching a surveillance-based CBDC. Critics argue that the GENIUS bill is vague enough to leave regulatory loopholes for future government-backed digital currencies. Kadan Stadelmann, CTO of the Komodo blockchain platform, noted that the bill “does not include provisions that prevent the Federal Reserve from creating a CBDC.” He also suggested that the bill would allow the U.S. Treasury to test such systems indirectly. Stadelmann proposed an alternative, stating, “Instead of regulating stablecoins, Trump should be building a national Bitcoin reserve. Bitcoin is about reliance on independent systems rather than government mandated ways of transacting.”

The bills have also faced criticism from Democrats. Rep. Maxine Waters, the ranking Democrat on the House Financial Services Committee, warned that the bills could lead to massive fraud. She said on the floor Tuesday, “This will open the floodgates to massive fraud and financial ruin for millions of American families.” DeFi leaders have also expressed concern, arguing that the CLARITY Act would restrict open-source development and drive American developers offshore. Industry legal experts have stated that the act would “decimate the novel DeFi sector in America” and cause a brain drain and regulatory arbitrage.

Despite the concerns, Trump remains committed to making the US a leader in digital assets. After Tuesday’s failed vote, he urged Republicans to pass the GENIUS Act, calling it crucial to keeping the country ahead in financial innovation. Trump said at a press event, “This will make America the undisputed number one leader in digital assets.” Notably, while many of Trump’s supporters are focused on anti-CBDC language, experts say the real impact is in how stablecoins are defined and monitored.

A new procedural vote is expected this week, possibly opening the floor for debate on all three bills. Crypto stakeholders, regulators, and institutional investors will be watching for clarity in this evolving regulatory landscape. Analysts also expect more lobbying from pro-crypto PACs and civil liberties groups on surveillance and overreach. As Crypto Week 2025 unfolds, sentiment is mixed. Some see the bills as a path to legitimize digital finance, while others view it as the start of a government-controlled era in crypto, which is antithetical to the asset class itself.