After President Donald Trump garnered new support from House members, momentum for the GENIUS Act has strengthened again, injecting new life into cryptocurrency legislation that had once stalled in Congress. This legislative process had faced unexpected delays, but it now appears to be nearing another important vote.
Trump convenes lawmakers to save the GENIUS Act.
In a direct appeal from the Oval Office, Trump revealed in a Truth Social post that he had met with 11 members of Congress who had previously opposed advancing the GENIUS Act and related cryptocurrency measures.
After what Trump described as a 'brief discussion,' lawmakers agreed to support the bill in the upcoming procedural vote.
I was with 11 of the 12 members of Congress needed for the passage of the GENIUS Act in the Oval Office, and after a brief discussion, they all agreed to vote in favor of the rule tomorrow morning. House Speaker Mike Johnson attended the meeting via phone and looks forward to voting as soon as possible.
Previously, the House had blocked a key procedural vote, causing the GENIUS Act to be stalled alongside the CLEAR Act and the anti-CBDC Act. This vote failed with 196 votes in favor and 222 votes against, reflecting divisions within the Republican Party, especially 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 stablecoins pegged to the dollar. The bill would create a legal pathway for private companies to issue digital currencies and grant regulatory authority to the Treasury Department. The bill had previously passed the Senate in June with a vote of 68 in favor and 30 against, although some Democrats expressed concerns that the bill might be linked to Trump's cryptocurrency interests.
According to an update on the schedule released by House Majority Leader Steve Scalise, the new procedural vote is now set to take place around 12:20 PM on July 15. If the vote goes smoothly, the House may soon debate and vote on the bill, bringing the GENIUS Act back on track to become law.
