In a direct call from the Oval Office, Trump revealed in a post on Truth Social that he had met with 11 members of Congress who had previously opposed the advancement of the GENIUS Act and related cryptocurrency measures.
After what Trump described as a 'brief discussion', lawmakers agreed to support the bill in an upcoming procedural vote.
"I am in the Oval Office with 11 of the 12 congressmen needed to pass the GENIUS Act, and after a brief conversation, they have all agreed to vote tomorrow morning in favor of the measure. The Speaker of the House, Mike Johnson, was present by phone and looks forward to voting as soon as possible."
This change in direction comes after the House of Representatives previously blocked a key procedural vote, paralyzing the GENIUS Act, along with the CLARITY Act and the Anti-CBDC Act. The failure of the vote, by 196 votes in favor and 222 against, reflected internal disagreements within the Republican Party, particularly among members of the House Freedom Caucus, who opposed combining cryptocurrency legislation with defense appropriations.
The GENIUS Act proposes the first federal regulatory framework for dollar-pegged stablecoins. It would create legal pathways for private companies to issue digital currencies and grant the Department of the Treasury oversight authority. The bill was previously passed in the Senate with a bipartisan vote of 68 to 30 in June, although some Democrats expressed concern about possible ties to Trump’s interests in cryptocurrencies.
A new procedural vote has been scheduled for around 12:20 p.m. on July 15, according to an update from House Majority Leader Steve Scalise. If successful, the House could debate and vote on final approval shortly thereafter, paving the way for the GENIUS Act to be enacted.