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Key Insights:
- Trump continues to champion the U.S. as a global leader in Bitcoin and digital assets, framing the GENIUS Stablecoin Act as vital to maintaining dollar dominance.
- Despite Trump’s lobbying and House Speaker Mike Johnson’s backing, 12 Republican lawmakers opposed the bill on Monday, demanding a ban on CBDCs.
- However, President Trump talked to lawmakers hours later and promised a procedural re-vote for the GENIUS Act on Wednesday.
As the Crypto Week commenced, the much-awaited GENIUS Stablecoin Act failed to pass the House vote on Monday in a major setback to the crypto community. However, hours later, US President Donald Trump assured that he has secured enough support from lawmakers to pass the bill on Wednesday morning.
As per Trump, this stablecoin bill is crucial for the US to maintain dominance over the dollar. Still, not getting the house vote could be a major setback in this case.
Donald Trump Assures to Pass the GENIUS Stablecoin Act
Hours after the U.S. House of Representatives voted against the GENIUS Act, CLARITY Act, and anti-CBDC law, U.S. President Donald Trump wrote on his Truth Social handle that he is currently having discussions with 11 of the 12 lawmakers needed to advance the GENIUS Act.
Trump said he met with the group in the Oval Office and that all participating members agreed to vote in favor of moving the bill forward. Speaker of the House Mike Johnson reportedly joined the meeting via telephone and expressed support for holding the vote “as early as possible.”
Details of the GENIUS Act remain limited, but Trump has promoted it as a centerpiece of his crypto policy agenda.
As a result, another procedural vote on the GENIUS Act will happen on Wednesday at 12:20 PM Eastern time. The GENIUS Act failed to advance in the House on Tuesday, exposing ongoing legislative deadlock over U.S. crypto regulation.
Why Did Republicans Reject the GENIUS Stablecoin Act?
Despite direct lobbying from President Donald Trump and support from House Speaker Mike Johnson, a group of 12 Republican lawmakers blocked the procedural vote. The Republicans demand a clear ban on central bank digital currencies (CBDCs).
In her message on the X platform, Republican Anna Paulina stated:
Although some Republican lawmakers worry that the GENIUS Act could make way for the CBDC, Eleanor Terrett, host of Crypto America, corrected them. She noted that the GENIUS Act includes clear language to prevent the Federal Reserve from launching a retail CBDC.
According to Terrett, a key section of the bill explicitly states that it “shall not be construed as expanding the Fed’s authority to offer services directly to the public.” This provision effectively bars the central bank from engaging in activities of undertaking a CBDC initiative.
Could Trump Keep the Promise of Clear Crypto Regulations
US President Donald Trump vowed to bring clear crypto regulations while speaking at the Coinbase State of Crypto Summit last month.
Trump has outlined his vision to position the United States as the global leader in Bitcoin and digital assets. He also shared a broader strategy to transform the country into the world’s “crypto capital.”
He underscored the importance of creating a regulatory framework that encourages innovation in the digital asset space while maintaining financial stability and long-term growth within the system.
