President Donald Trump says a group of House Republicans who blocked key cryptocurrency bills earlier on Tuesday have now agreed to support the legislation. The change came after a private meeting at the White House on Tuesday evening.
Trump shared the update on his Truth Social account, saying he met with 11 of the 12 Republican holdouts and that they “all agreed to vote tomorrow morning in favor of the Rule.” He added that House Speaker Mike Johnson joined the meeting by phone and supports moving forward with the vote “as early as possible.”
Earlier in the day, the House held a procedural vote on the crypto bills, but it failed 196 to 223, with 13 Republicans joining Democrats to block the legislation. This unexpected outcome temporarily stopped progress on the bills, which cannot advance until the House approves the debate rules.
The situation was a setback for the cryptocurrency industry, which had been hoping for progress during what Trump called “Crypto Week.” After the failed vote, crypto-related stocks dropped, including a 7% fall in Circle, a 4% drop in Coinbase, and a 2% dip in MARA Holdings.
What the Bills Include:
- GENIUS Act: Focuses on regulating stablecoins. It passed the Senate last month with some bipartisan support.
- CLARITY Act: Seeks to define how different digital assets are regulated, deciding whether they fall under the SEC or CFTC.
- Anti-CBDC Bill: Aims to stop the Federal Reserve from creating a central bank digital currency (CBDC).
Some Republicans, such as Rep. Marjorie Taylor Greene, opposed the GENIUS Act because it does not include a CBDC ban. She posted on X that “Congress must also include the ban on CBDC in the GENIUS Act.”
Despite these concerns, Trump continues to promote the bills, saying they will help the U.S. become a global leader in digital assets. “Digital Assets are the FUTURE, and we are leading by a lot!” Trump wrote earlier on Tuesday.
A final vote on the crypto bills is expected soon, following the latest developments.
