The GENIUS Act, which aims to create the first federal framework for stablecoins and digital currencies in the U.S., is back in the spotlight. President Donald Trump has secured key support from members of Congress, launching a new legislative push that immediately sparked a reaction across crypto markets.
📜 The GENIUS Act Returns Thanks to Trump
Donald Trump decided to take direct action. In a post on Truth Social, he revealed that he had met with 11 of the 12 lawmakers who had previously opposed the GENIUS Act. After a brief but evidently persuasive discussion, all present agreed to support the bill in the upcoming procedural vote.
“I’m in the Oval Office with 11 lawmakers needed to pass the GENIUS Act. After a short discussion, we all agreed they will vote FOR it tomorrow morning,” Trump announced.
House Speaker Mike Johnson joined via phone and pledged full support for a swift vote.
🏛️ Initial Vote Failed, But Hope Remains
The bill hit a wall earlier in July when the House of Representatives rejected a procedural rule necessary to move the legislation forward. The vote ended 196 to 222 — with several Republicans voting against it due to concerns about linking crypto legislation to defense budget funding.
Alongside the GENIUS Act, the vote also blocked the CLARITY Act and the Anti-CBDC Act.
💵 What the GENIUS Act Proposes
The GENIUS Act aims to introduce the first federal regulatory framework for U.S. dollar-backed stablecoins. The bill would:
🔹 Allow private companies to legally issue digital currencies
🔹 Grant supervisory authority to the Treasury Department
🔹 Establish clear rules for fintech and crypto platforms
The proposal previously passed the Senate in a 68–30 vote, although some Democrats raised concerns about possible links to Trump’s personal interests in crypto.
The next vote is scheduled for July 15 at 12:20 PM (Washington time). If successful, the House could immediately proceed to discuss and vote on final approval.
📈 Crypto Markets React: Bitcoin Drops, Then Rebounds
The uncertainty surrounding the bill quickly impacted crypto markets. Bitcoin, which had surged to a new all-time high of $123,260 ahead of Crypto Week, dropped to $115,735 following the failed vote.
But the rebound came swiftly — after Trump’s announcement and renewed support, Bitcoin recovered to around $117,000.
⚠️ Criticism Persists: Concerns Over CBDCs
Not all lawmakers are on board. Marjorie Taylor Greene, for example, warned that the GENIUS Act could serve as a "backdoor" for the introduction of a central bank digital currency (CBDC), which she argues threatens Americans’ financial freedom.
“The bill must include a direct ban on CBDCs. Without it, this is a real danger to our liberty,” Greene said.
✍️ Summary
The GENIUS Act may soon come back to life and become a milestone in U.S. crypto regulation. With Trump’s personal involvement, congressional dynamics are shifting — and markets are responding with optimism. The key question now is whether lawmakers can overcome remaining disagreements.
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