Trump Secures 11 Votes for Crypto-Friendly Legislation

Donald Trump has announced a significant political development that could influence the future of cryptocurrency regulation in the United States. According to Trump, 11 congressional representatives who initially opposed pro-crypto legislation have now changed their stance and are ready to vote in favor of advancing these bills. This shift in support could boost the chances for crypto-friendly regulation and potentially gain momentum before the upcoming election.

Trump did not name the 11 representatives but emphasized that their change of heart came after intense discussions and lobbying. This reversal could be a turning point for several stalled bills aimed at providing clearer regulatory frameworks for digital assets. With increasing bipartisan attention on the industry, the change in votes could push crucial legislation over the finish line in upcoming sessions.

Cryptocurrency is emerging as a significant issue in the 2024 election cycle. Trump’s active endorsement of pro-crypto policy contrasts sharply with the more cautious or skeptical approaches from other political figures. His stance could influence other lawmakers to align with the growing number of Americans who own or support digital assets. If these bills pass, they could bring much-needed regulatory clarity, boost innovation, and attract more institutional players to the space.

Trump's intervention came after a contentious afternoon where the House floor vote was stalled due to opposition from a group of conservative Republicans. The key bills in question include the GENIUS Act, which aims to establish a regulatory framework for dollar-backed digital tokens known as stablecoins, and the Anti-CBDC Surveillance State Act, which seeks to prevent the Federal Reserve from issuing a central bank digital currency. Additionally, the Digital Asset Market Clarity Act, which proposes dividing oversight of the broader crypto market between two financial regulators, is also set for consideration.

The primary concern among the hard-line Republicans was the absence of a provision in the GENIUS Act that would block the creation of a central bank digital currency. This bill, which cleared the Senate last month, is seen as the most likely to become law. However, the Anti-CBDC Surveillance State Act faces an uphill battle in the Senate, where it is unlikely to gain traction. Trump, who has become a vocal supporter of the crypto industry during his second term, has urged the House to swiftly pass a "clean" stablecoin bill. This stance has frustrated efforts by lawmakers to amend the legislation or tie it to other measures. The Digital Asset Market Clarity Act, which is also up for consideration, faces potential opposition from the Senate, which may propose its own market structure legislation.

The procedural vote, which typically follows party lines, has recently become a platform for some Republicans to express their discontent with legislation or leadership. The agreement, if it holds, will allow the House to adopt a procedural rule and move forward with the consideration of the three cryptocurrency bills and a measure to fund the Pentagon for fiscal year 2026 as early as Wednesday. This development puts the chamber back on track after Tuesday's disruption.

The resolution of the dispute comes after a day of turmoil, where conservative lawmakers halted House business by sinking a procedural vote on the cryptocurrency bills. The GENIUS Act, in particular, faced opposition due to concerns about the potential creation of a central bank digital currency. The House Republicans had dubbed the week as "crypto week," expecting to pass the legislation without significant hurdles. However, the procedural vote was tanked by House conservatives, leading to a temporary halt in proceedings.

The agreement reached by Trump with the House Republicans marks a significant shift in support for the crypto bills, which had faced opposition from a faction within the party. The resolution of this dispute is crucial for the passage of the GENIUS Act and other related legislation, which aims to provide a regulatory framework for the crypto industry. The outcome of these votes will have implications for the future of digital assets and the broader financial landscape.