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President Donald Trump stepped into Capitol Hill negotiations to resolve a revolt by a dozen Republican lawmakers and secure passage of three major cryptocurrency bills. His intervention follows calls for a ban on central bank digital currencies (CBDCs) and comes as the House prepares to reconvene for a critical vote Wednesday.
Key Takeaways
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Trump met with 11 of 12 Republican holdouts in the Oval Office, winning their support.
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Lawmakers had stalled “Crypto Week” over demands to ban a Federal Reserve–issued CBDC.
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The three bills at issue are the GENIUS Act, the Anti-CBDC Surveillance Act and the CLARITY Act.
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House Speaker Mike Johnson pledged to advance all three measures in succession.
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Democrats have decried the package as “anti-crypto corruption week.”
Trump Intervention Ends Revolt
In a Truth Social post late Tuesday, Trump announced he had convinced 11 of the 12 dissenting Republicans to back the Rule to consider the crypto bills. Those lawmakers initially voted against moving the legislation forward until an explicit CBDC prohibition was added.
Speaker Johnson publicly thanked Trump, noting the president’s role in ensuring passage of the GENIUS Act rule. With this breakthrough, Republicans aim to capitalize on momentum before the August recess.
Sticking Points: CBDC Ban And Bill Packaging
The holdout group pressed for an amendment to block any Federal Reserve–issued digital currency, arguing that existing language in the GENIUS Act was insufficient. Representatives cited concerns over “layered” CBDCs and the importance of self-custody for Americans.
Some members also wanted to bundle the three separate crypto bills into a single package. Johnson negotiated that each measure would move sequentially, fearing that tying them together could jeopardize Senate approval.
Road To Vote: “Crypto Week” And Next Steps
Dubbed “Crypto Week” by GOP leaders, this effort seeks to enact stablecoin regulation, safeguard against CBDC overreach, and reform market structure before Congress adjourns. Democrats have counter-branded the push as “anti-crypto corruption week,” vowing to oppose the bills.
The House will reconvene Wednesday morning for a procedural vote. If successful, Republicans plan swift floor debates on each bill. Observers note that the Senate previously cleared the GENIUS Act with bipartisan support in June after an initial procedural setback.
Sources
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Crypto Bill Vote Moves To Wednesday After CBDC Fight Stall, Cointelegraph.
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