- U.S. President Trump has personally intervened to secure support for the GENIUS Act following a Conservative revolt
- A key House vote on the Act failed yesterday due to opposition from conservative Republicans
- The House is now expected to move forward with a standalone vote on the bill, which would establish stablecoin regulations
Donald Trump’s “Crypto Week” hasn’t started well, with the President forced to intervene after a surprise rebellion from within Republican ranks derailed the House’s initial push to advance a set of crypto bills. A vote on Tuesday failed 196–222, halting progress on several crypto-focused proposals, including the widely anticipated GENIUS Act. Now, thanks to direct intervention from Trump, eleven of the twelve Republican holdouts have agreed to support a new procedural rule that will allow a vote on the GENIUS Act to proceed as a standalone measure.
Crypto Week Stalls
This week was supposed to mark a significant milestone for digital asset legislation in the United States, with the House prepared to consider a trio of crypto bills during what had been dubbed “Crypto Week.” But when several hardline Republicans joined by all voting Democrats yesterday blocked the initial procedural vote, it brought both the crypto agenda and a defense appropriations bill to a halt.
The pushback appeared rooted in procedural concerns and the absence of language explicitly banning a U.S. central bank digital currency (CBDC). Among those opposing the vote was Representative Marjorie Taylor Greene, who posted on X why she had voted ‘no’:
I just voted NO on the Rule for the GENIUS Act because it does not include a ban on Central Bank Digital Currency and because Speaker Johnson did not allow us to submit amendments to the GENIUS Act.
Americans do not want a government-controlled Central Bank Digital Currency.… pic.twitter.com/NnkeIOH0dE
— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) July 15, 2025
The revolt highlighted the growing divisions within the GOP over how to approach digital currency regulation, forcing Trump to step in and convince dissenters to proceed with the GENIUS Act alone, presumably because it offers the biggest potential return for his crypto investments.
Trump’s Intervention Resets the Debate
In response to the failed vote, Trump held meetings with the group of dissenting Republicans and later posted on Truth Social to say that he had secured their support. Trump’s efforts appear to have cleared the path for a new rule vote, which could take place as early as today, setting up a fresh vote on the stablecoin bill. Speaker Mike Johnson is reportedly coordinating efforts to ensure the measure moves forward without further delay.
The GENIUS Act, short for Guaranteeing Essentials for National Investment and U.S. Stability, would, among other things, require stablecoin issuers to hold 100% liquid reserves, submit to regular audits, and comply with dual regulatory oversight. Passed by the Senate with bipartisan support, the bill is seen as the first serious attempt to give stablecoins a clear legal framework in the U.S.
Should the GENIUS Act pass in the House, it would mark a pivotal moment for the cryptocurrency industry, which has long pushed for regulatory clarity. The bill’s progress has already had an impact on markets, with Bitcoin approaching $123,000 amid optimism of progress, despite it not impacting Bitcoin directly, although analysts believe that institutional investment could accelerate if Washington signals that it is finally ready to establish rules for digital assets.
