Trump Claims Victory After Persuading Republicans To Back GENIUS Act, Crypto Bills

President Donald Trump says he persuaded Republican lawmakers who had withdrawn support for the GENIUS Act to back the legislation.

After meeting with 11 of the 12 representatives in the Oval Office yesterday, Trump announced on Truth Social that they agreed to vote in favor of the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance Act.

The House vote, initially delayed, has now been rescheduled for midday today. The GENIUS Act is formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act.

GENIUS Act

TD Cowen policy ahalyst Jaret Seiberg said in a note to clients yesterday that the firm expects the GENIUS Act to pass “because TRUMP is pushing for its enactment.”

“Our view is that members of the House Freedom Caucus will relent to the President’s demand even though they object to having to accept the Senate version of the bill,” Seiberg said.

 

Lack Of CBDC Ban Main Reason For The Failed Vote

The main reason behind the pulled support  was concerns regarding the lack of a “hard ban” on central bank digital currencies (CBDCs). “The GENIUS Act does not follow President Trump’s executive order because it does not ban a CBDC,” said Republican Marjorie Taylor Green in an X post.

“This should NOT be tolerated,” she added.

Another reason for the failed vote is because several lawmakers want to combine the GENIUS Act with the other two bills, House speaker Mike Johnson reportedly said. 

The voting for the three crypto bills has been rescheduled for around mid-day today.

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