As reported on Donald Trump’s Truth Social page, he claims the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act will pass before the midpoint.
He also stated that he met with 11 out of 12 Congressmen in the Oval Office, where they reached an agreement to vote in favour. He also mentioned that Johnson will expedite the vote in his discussion with the speaker.
House Defeat Sparks Urgency
Just hours earlier on Tuesday, the House voted 196 to 223 against a procedural rule to advance three bills. Those bills included the GENIUS Act, the Digital Asset Market Clarity (Clarity) Act, and the Anti‑CBDC Surveillance State Act.
The defeat nearly derailed the push for broad digital asset rules. Lawmakers dubbed this session “Crypto Week,” as it was meant to bring key crypto bills to the floor.
Several Republicans who were against the rule voiced fears that it might pave the way for a central bank digital currency.
Also Read: JPMorgan Pilots JPMD Deposit Token On Coinbase’s Base Network Amid GENIUS Act Passing
That apprehension arose even with the restriction outlined in the GENIUS Act, which stated, “the bill shall not be construed as expanding the Fed’s authority to offer services directly to the public.”
Regardless, thirteen Republicans came on board with the no votes, some of whom included Reps. Marjorie Taylor Greene, Chip Roy, and Andy Biggs. They claimed that they were not permitted to submit amendments and did not believe in the protective measures put in place.
Senate Success and Bipartisan Support
The setback in the House contrasts with the bill’s smooth path in the Senate. In June, the Senate passed the GENIUS Act by 68 to 30. The vote included 18 Democrats who backed most Republicans.
That approval built hopes that both chambers would soon clear the first major stablecoin law. The legislation requires issuers to keep full dollar backing for each token and sets a clear oversight role for federal agencies.
New Vote Scheduled
After Trump’s Oval Office post, House Majority Leader Steve Scalise released a fresh voting schedule. He set the votes on the GENIUS Act, the Clarity Act, and the Anti‑CBDC Act to begin at 12:20 p.m. on Wednesday.
Speaker Johnson, who joined the morning meeting by phone, promised to move quickly. The plan aims to stick to the strategy of passing the Senate text with no changes. That path would send the bill straight to Trump’s desk for signature.
Stablecoin Market in Focus
The stablecoin industry has expanded from below $10 billion to $239 billion in the last five years. Approximately 98% of all stablecoins are now pegged to the US dollar. About 80% of stablecoin transactions occur outside the US.
This growth has analysts urging for well-defined frameworks to protect investors while fostering safe development.
With the political saga hitting an explosive crescendo, U.S. banking watchdogs published fresh guidance on Monday.
The Federal Reserve, along with the FDIC and the Office of the Comptroller of the Currency, issued that banks to provide cryptocurrency custody services. They stated such services could be provided under fiduciary and non-fiduciary frameworks.
Also Read: New York AG Letitia James Urges Stronger Investor Protections In STABLE And GENIUS Acts