On Tuesday, former President Donald Trump announced that House Republicans who had earlier blocked several cryptocurrency regulation bills had reversed their position following a White House meeting. Trump revealed via Truth Social that he had met with 11 of the 12 necessary Congress members in the Oval Office.
After a brief discussion, they agreed to support the legislation, including the GENIUS Act, in a vote scheduled for the following morning. House Speaker Mike Johnson, who also backed the effort, called into the meeting and expressed his eagerness to proceed with the vote as soon as possible.
House GOP Reverses Course After Trump’s Push Revives Stalled Crypto Regulation Bills
Just hours before Trump’s announcement, the legislation had appeared to face significant roadblocks. A key procedural vote failed in the House, with 196 votes in favor and 223 against. Thirteen Republicans sided with Democrats to block the rule, stalling the bills.
This procedural setback came as a surprise, given the widespread expectation that the measures would pass, particularly during what was branded as “Crypto Week.” The vote represented a rare instance of House Republicans resisting Trump’s direct guidance—albeit briefly.
Trump Sways GOP Holdouts as Crypto Bills Regain Momentum After White House MeetingDespite the initial defiance, the swift reversal underscored Trump’s strong hold over the GOP. By late Tuesday evening, most of the dissenting Republicans had pledged their support following Trump’s intervention. This change signaled not only Trump’s continued influence within the party but also his commitment to pushing forward cryptocurrency regulation. Trump’s pressure helped put the stalled legislation—especially the GENIUS Act—back on track for advancement.
Market Reacts Sharply as Crypto Bills Stall and Internal GOP Disagreements Emerge
The failed vote had immediate ripple effects in the crypto market. Stocks linked to digital assets fell, with Circle declining over 7%, Coinbase dropping more than 4%, and MARA Holdings losing more than 2%. The three main bills at stake included the GENIUS Act, focused on regulating stablecoins; the CLARITY Act, aimed at defining crypto assets as either securities or commodities; and a third bill to block the Federal Reserve from issuing a central bank digital currency (CBDC).
Not all Republicans were swayed easily. Representative Marjorie Taylor Greene explained her opposition stemmed from the GENIUS Act’s failure to include a ban on CBDCs and Speaker Johnson’s refusal to allow amendments. Greene cited Trump’s own executive order from January that opposed a government-issued digital currency and insisted Congress should follow suit.
Despite the temporary setback, Trump remained enthusiastic, promoting “Crypto Week” on social media and asserting that the U.S. was poised to become the global leader in digital assets.
