tl;dr
US President Donald Trump convinced most Republican lawmakers who had withdrawn support for three crypto bills to back them when the House reconvenes. The bills' re-vote was previously halted after 13 Republicans opposed advancing them due to the lack of an explicit ban on central bank digital curre...
US President Donald Trump announced that he persuaded most Republican lawmakers who previously withdrew support from three crypto bills to vote in favor of them when the House reconvenes on Wednesday. Trump shared on his Truth Social platform that he met with 11 of the 12 representatives in the Oval Office, successfully convincing them to back the legislation. He emphasized their agreement to support the Rule for the GENIUS Act during the upcoming vote.
The initial re-vote on the three crypto bills was halted on Tuesday after 13 Republican lawmakers opposed advancing the bills, primarily because they demanded an explicit ban on central bank digital currencies (CBDCs). Some Republicans sought amendments to the stablecoin-regulating GENIUS Act or wanted it bundled with two other crypto bills — the Anti-CBDC Surveillance Act, which bans CBDCs, and the CLARITY Act, aimed at overall crypto market structure reform.
This legislative push, dubbed “Crypto Week” by Republicans, aims to enact crypto laws before Congress adjourns for a month-long break in August. Democrats, on the other hand, have labeled the week an “anti-crypto corruption week” to oppose these initiatives. House Speaker Mike Johnson expressed gratitude towards Trump for his intervention to help pass the GENIUS Act and to support further crypto legislation.
Central bank digital currency concerns have stalled the legislation. House Majority Leader Steve Scalise and 12 other Republicans voted against considering the bills, citing the absence of a CBDC ban as a major issue. Key dissenters, including Marjorie Taylor Greene and Andy Biggs, voiced that while they support crypto regulation, the GENIUS Act should explicitly prohibit CBDCs and allow an open amendment process to improve the bill. Trump had previously ordered a ban on a Federal Reserve-issued CBDC through an executive order in January.
Another sticking point involved the number and bundling of bills. Speaker Johnson indicated a priority across the White House, Senate, and House to pass all crypto bills but stressed the need to pass them sequentially rather than as a combined package, contrary to some Republican demands.
The House plans to reconvene on Wednesday for debate and further legislative business. Experts like Caitlin Long, CEO of Custodia Bank, reassure stakeholders noting that the GENIUS Act’s initial Senate procedural vote also failed before passing shortly after, marking this as a common legislative hurdle. The GENIUS Act already contains provisions that prevent the Federal Reserve from offering retail CBDCs or digital wallets directly to the public, addressing some concerns raised by critics.