Trump secured key votes to advance stalled crypto bills, restoring market confidence and putting stablecoin rules back on track.
The House now prepares to vote on bills defining stablecoins and crypto tokens, after Trump swayed 11 Republicans to support them.
A potential CBDC ban is also up for debate as Trump’s move revives momentum for clearer crypto laws during “Crypto Week” in Congress.
U.S. President Donald Trump has intervened to revive stalled crypto legislation in the House of Representatives, securing a critical shift in votes. On Tuesday, after a failed procedural vote rattled markets, Trump met with 11 of 12 Republican holdouts in the Oval Office. Following their discussion, he announced that all had agreed to support the bills in a vote set for Wednesday morning.
The action takes place during what House Republicans have nicknamed "Crypto Week." Lawmakers hope to enact a number of long-awaited laws that would specify the regulations governing cryptocurrencies, particularly stablecoins. The crypto industry, which has fought hard for more transparent regulations and legal recognition in the US market, has seen a political victory with Trump's intervention.
Market Response and Political Setback
A procedural vote to move the proposals forward earlier surprisingly failed. Concerns about the legislative packaging led several conservative Republicans to support Democrats. Shares of Coinbase, Circle, and other companies with a connection to cryptocurrency temporarily fell as a result. Nevertheless, those losses were somewhat recovered following Trump's statement.
House Speaker Mike Johnson said discussions would continue into the night. He expressed confidence in holding another vote quickly. Consequently, Trump’s meeting with the holdouts proved timely and effective, calming investor fears and putting the bills back on track.
What’s at Stake for Crypto Regulation
A plan to govern stablecoins—digital assets linked to conventional currencies like the US dollar—is one of the bills being considered. In the cryptocurrency ecosystem, these tokens are essential for transferring money. Moreover, another bill aims to clarify when a crypto token qualifies as a commodity, a major gray area in current U.S. law.
Additionally, the House plans to consider a separate bill that would ban the launch of a U.S. central bank digital currency (CBDC). Republicans argue that a CBDC could give the federal government too much control over personal finances.
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