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Trump Secures GOP Support to Advance Key Cryptocurrency Legislation After Early Setback

President Donald Trump declared late Tuesday that a group of Republican lawmakers who initially blocked several high-profile cryptocurrency bills in the House of Representatives have reversed their position following discussions at the White House. This unexpected turnaround paves the way for advancing legislation aimed at regulating the digital asset space.

Early Procedural Defeat Stalls Crypto Bills During “Crypto Week”

Earlier in the day, three major cryptocurrency-related bills, including the GENIUS Act, failed to clear a crucial procedural vote, with 223 representatives opposing and only 196 supporting the rules necessary to move forward. Thirteen Republicans joined Democrats in opposing the measure, surprising many given widespread expectations that the bills would pass during what had been promoted as “Crypto Week.”

The bills in question include:

• GENIUS Act: Focused on regulating stablecoins, it passed the Senate last month with some Democratic backing.
• CLARITY Act: Designed to clarify regulatory jurisdiction over digital assets, distinguishing whether the SEC or CFTC oversees them.
• Legislation banning the Federal Reserve from issuing a central bank digital currency (CBDC).

Trump’s White House Meeting Sparks GOP Reversal

In a statement posted on Truth Social around 9 p.m. ET, Trump said he was “in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act,” adding that after a “short discussion,” they all agreed to support the rule when it comes to a vote the following morning.

House Speaker Mike Johnson also participated in the meeting and expressed eagerness to “take the vote as early as possible,” signaling swift movement to revive the bills.

Republican Concerns Center on Central Bank Digital Currency

Opposition from GOP holdouts, including Rep. Marjorie Taylor Greene (R-GA), stemmed largely from the absence of a ban on CBDCs in the GENIUS Act and limitations on submitting amendments. Greene highlighted this on social media, emphasizing that President Trump’s earlier executive order called for a CBDC ban, which she insists must be incorporated into the legislation.

Market Reaction and Industry Impact

The procedural defeat initially shook the crypto sector, with stocks of related firms dropping: Circle fell more than 7%, Coinbase declined over 4%, and MARA Holdings dipped around 2%.

With the renewed GOP support, the crypto industry is cautiously optimistic that these bills will provide a clearer regulatory framework, potentially positioning the U.S. as a global leader in digital asset governance. Trump hailed the GENIUS Act as a transformative bill that would propel America ahead of competitors like China and Europe in the digital asset race.

What’s Next?

The House is expected to vote on the rules and legislation soon, potentially reversing Tuesday’s setback and moving forward with the bills designed to shape the future of cryptocurrency regulation.

This development highlights Trump’s continued influence over the Republican conference and signals a potential turning point for digital asset policy in the United States.

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