President Trump stepped into a political impasse on Tuesday evening, brokering a deal with Republican lawmakers who had disrupted a key procedural vote on three crypto-focused bills. The administration dubbed this legislative push “Crypto Week”, aiming to fast-track digital asset regulations before Congress enters its August recess.
Troll in the GOP Ranks
Earlier that day, a group of 13 conservative House Republicans joined Democrats to block a motion needed to bring the three crypto measures—the GENIUS Act, the CLARITY Act, and the CBDC ban bill—to the floor. They wanted to combine the bills into a broader package, causing a standstill in proceedings
Trump Secures Support in Oval Office
Late Tuesday, Trump posted on Truth Social that he met with 11 of the 12 holdout Republicans in the Oval Office and persuaded them to support moving forward with at least the GENIUS Act the following morning. He stressed their agreement to vote “in favor of the Rule” to advance the legislation.
Key Crypto Bills in Play
-
The GENIUS Act aims to establish a regulatory framework for payment stablecoins.
-
The CLARITY Act deals with broader crypto market structure.
-
The Anti‑CBDC Surveillance State Act bans the Federal Reserve from issuing a central bank digital currency (CBDC)
Senate approval in June of the GENIUS Act added urgency to push it through the House before recess.
Market Response and What Comes Next
The procedural blockage knocked down crypto stocks—Circle Internet and Coinbase saw losses—but shares rebounded after Trump’s announcement.Bitcoin also dipped but started to recover as optimism returned.
Speaker Mike Johnson said the House will reconvene and attempt another procedure vote on Wednesday morning. He credited Trump’s direct involvement for breaking the impasse.
Broader Implications
Passage of these bills would mark a major milestone in U.S. crypto regulation—clarifying stablecoin rules, formalizing asset definitions, and blocking federal CBDC development. Proponents believe this will boost institutional confidence in crypto.
GOP Rift Over CBDC Provision
Some Republicans opposed the move, arguing the GENIUS Act lacks a clear prohibition on CBDCs and fails to guarantee self-custody rights. These holdouts demanded stronger safeguards before proceeding.
