U.S. President Donald Trump has secured key House votes for the GENIUS Act, a stablecoin bill. In a post from his verified account, Trump said he met with 11 of the 12 necessary members of Congress. All agreed to support the legislation during an Oval Office meeting. House Speaker Mike Johnson joined the meeting via phone and confirmed plans to schedule the vote as soon as possible.
The GENIUS Act is the centerpiece of a push by House Republicans during “Crypto Week.” This legislation aims to create clear rules for stablecoins. These are digital assets pegged to traditional currencies like the U.S. dollar. Their rising use in crypto trading has sparked calls for proper oversight. Trump’s announcement signals a breakthrough in gaining bipartisan support after earlier delays.
Stablecoin Rules Near House Greenlight
Earlier this week, Republicans and Democrats together prevented the passing of procedural votes on crypto bills. They could not reach an agreement on how the proposals were to be packaged, and thus stalled the bill’s disposal for a while. However, the direct interference of President Trump helped break the deadlock, and the matter regained movement. Shortly after, Speaker Johnson had promised to bring the bill for a vote again.
The GENIUS Act, along with bills concerning other issues in cryptocurrency, form a package under consideration by lawmakers. A structure to provide that legal clarity for stablecoin issuers would be the target of these bills. In effect, the bills set forth a framework for when a digital asset should be regulated as a commodity.
Industry Impact and Market Reaction
Circle and Coinbase shares dipped briefly following the initial vote delay but later recovered. Investors saw Trump’s update as a major shift. Notably, approval of the GENIUS Act be a turning point for U.S. crypto policy. It shows growing recognition of stablecoins as useful financial tools.
Besides, the House is currently looking over a bill aimed at blocking a U.S. central bank digital currency. Republicans are concerned that this could lead to too much government control. Meanwhile, the Fed hasn’t indicated any plans to introduce a CBDC.
Also Read: US Crypto Week is Here—Will Congress Make or Break Bitcoin?
