Crypto Crisis in the Oval Office: CBDC Doubt, Representative Resistance, and #TRUMP 's Power Play
Although "Crypto Week" in the US began with high hopes, the initial votes in the House of Representatives were a cold shower. The #GENIUS Act, the #CLARITY Act, and the Anti-CBDC Act failed to pass the first stage. However, Donald Trump stepped in. He announced that he had reversed his votes in a mini-crisis meeting and one-on-one meetings in the Oval Office.
๐๏ธ First Shock: Votes Against Three Crypto Bills
Three bills of revolutionary importance for the cryptocurrency market, brought to the forefront of the vote in the US House of Representatives, unexpectedly failed to pass on their initial votes. Expected to provide a crypto-friendly framework:
GENIUS Act
CLARITY Act
Anti-CBDC Act
All three bills failed to secure a quorum in their initial vote. The GENIUS Act's stance on the Central Bank Digital Currency (CBDC), often described as a digital dollar, has generated considerable controversy.
๐ Strong Reactions from Republican Lawmakers: "GENIUS Act Opens the Door to CBDC!"
Some Republican lawmakers who voted against it stated that while the bill appears open to crypto, it doesn't take a clear enough stance against CBDCs.
๐น Marjorie Taylor Greene:
"I voted against it because the GENIUS Act doesn't explicitly ban CBDCs. These gray areas could open the door to a digital dictatorship."
๐น Anna Paulina Luna:
"Yes to crypto liberalization, but no to creating a CBDC through the back door."
๐น Kadan Stadelmann (Komodo):
"The bill authorizes the Treasury to conduct CBDC research. This could even pave the way for stablecoins to be converted into CBDCs later on."
๐ฆ Trump Steps In: Mini-Summit for Crypto in the Oval Office
Former President Donald Trump, who quickly intervened in the situation, released a striking statement on his Truth Social account last night. He stated that he had a one-on-one meeting with 11 of the 12 members of Congress who voted against the bill in the Oval Office:
โI am in the Oval Office with 11 of the 12 members of Congress who voted against. After a brief meeting, they were convinced to vote โyes.โโ
House Speaker Mike Johnson also joined the meeting by phone and offered his support. Trump stated that the bills would pass in a new vote tomorrow morning and thanked the members of Congress for their โquick and positive response.โ
๐ What Could a New Vote Bring?
Following Trump's strong pressure and one-on-one meetings with lawmakers, the second vote, scheduled for today:
The GENIUS Act is expected to pass.
The Anti-CBDC Act is likely to gain support with further clarification.
This move could help the crypto industry gain stronger regulatory footing.
However, CBDC skepticism hasn't completely disappeared. Some lawmakers continue to hint that they won't vote "yes" without amendments.
๐ Conclusion: A Historic Week for Crypto
"Crypto Week" in the US has become a critical test not only in terms of regulatory action but also in terms of the political balance of power. This process, shaped by Trump's direct intervention, will:
Determine whether crypto laws will pass.
Influence the future of CBDCs in the US.
Reinforce Trump's image as a crypto-supporting leader ahead of the 2024 elections.
The crypto world is fixated on today's new vote. All eyes in Washington are on how Trump's promises from the Oval Office will play out in Congress.