Donald Trump is back in the crypto spotlight. After weeks of political wrangling, he’s now leading the charge to revive the GENIUS Act — a key crypto bill that could reshape how the U.S. regulates stablecoins and digital currencies. Lawmakers had stalled the legislation, but Trump’s intervention has given it new life. The stakes are high, with Bitcoin reacting to every twist and turn. Here’s what you need to know.
Trump Revives GENIUS Act with Lawmaker Deal
Trump didn’t sit back when the GENIUS Act hit a roadblock. He called a meeting with 11 Republican lawmakers who had previously opposed the bill. After what he described as a “short discussion,” they flipped their stance. Trump announced the breakthrough on Truth Social, saying they would support the procedural vote scheduled for July 15. Speaker Mike Johnson also voiced his support, calling it a “top priority.”
This sudden turnaround breathes new life into the GENIUS Act. The bill had previously passed the Senate but got stuck in the House after a failed vote. Critics wanted a stronger stance against central bank digital currencies (CBDCs). Trump’s meeting helped clear that path, though some lawmakers still want a full CBDC ban added before final approval.
Bitcoin Bounces Back as Optimism Grows
Markets felt the heat when the GENIUS Act stalled. Bitcoin surged to $123,260 before dropping to $115,735 following the failed vote. Investors feared the delay signaled deeper divisions in Washington. But once news broke of Trump’s backroom deal, Bitcoin bounced back to around $117,000.
This volatility shows just how closely crypto prices follow political moves. The GENIUS Act isn’t just about stablecoin regulation — it represents broader momentum for crypto-friendly laws. Traders are watching every headline. If the bill passes, expect another spike. If it fails again, turbulence will likely return.
Trump vs. CBDCs: The Fight Isn’t Over
CBDCs remain a major sticking point. Many Republicans don’t want the GENIUS Act unless it clearly bans a U.S. central bank digital currency. Lawmakers like Marjorie Taylor Greene and Andy Biggs voiced concern that the bill opens a “back door” for a government-backed digital dollar. They argue it doesn’t protect privacy or guarantee crypto users self-custody rights.
Trump, meanwhile, signed an executive order in January banning the Fed from creating a retail CBDC. Supporters say this aligns with the GENIUS Act’s language, which prohibits the Fed from offering digital wallets or personal accounts. Still, some lawmakers want stronger, clearer language in the bill itself. This internal Republican debate could delay progress unless Trump steps in again.
Trump’s Crypto Vision: Regulation with Freedom
Trump’s recent moves show he’s serious about crypto. He’s positioning himself as a pro-Bitcoin leader who wants innovation without government overreach. The GENIUS Act supports private companies issuing stablecoins under federal oversight — a balance between regulation and freedom. It also opens the door for clearer rules around digital assets without tying them to a government-controlled CBDC.
This approach is part of a broader Republican effort called “Crypto Week,” designed to pass multiple blockchain bills before Congress’s August break. Alongside the GENIUS Act, the House is also considering the CLARITY Act (on crypto market structure) and the Anti-CBDC Surveillance Act. Trump’s involvement could unify party lines, though Democrats continue to resist, calling this push an “anti-crypto corruption week.”
What’s Next: The Vote and the Future of Crypto
All eyes are now on the next House vote. If successful, the GENIUS Act could go to final debate and potentially become law. That would mark a huge step forward for U.S. crypto regulation. Bitcoin would likely respond with another surge. But if lawmakers demand more amendments or fail to unify, more delays could follow.
Trump has already shown he can shift momentum. If he keeps pushing, the GENIUS Act could become a landmark crypto law. For now, the battle lines are clear: Trump wants freedom for Bitcoin and stablecoins — without handing power to a CBDC. The next vote will decide if Congress agrees.
