Donald Trump has intervened to resolve a Republican impasse over key crypto legislation, convincing reluctant GOP lawmakers to back the bills in the House.
After a meeting in the Oval Office with 11 of 12 dissenting Republicans, Trump secured their commitment to vote in favor of the GENIUS Act and associated crypto bills.
What were the main points of contention among Republicans over the crypto bills?
Some Republicans opposed advancing the bills without an explicit ban on central bank digital currencies (CBDCs).
They sought amendments to the GENIUS Act or wanted it bundled with two related bills, including the Anti-CBDC Surveillance Act and the CLARITY Act, addressing stablecoin regulation and market structure.
Did you know?
The GENIUS Act explicitly prohibits the Federal Reserve from creating retail-focused central bank digital currencies, addressing a major concern among lawmakers.
How did Trump's intervention change the stance of dissenting lawmakers?
Trump's personal meeting helped bridge gaps, leading most holdouts to agree to support the legislation despite earlier opposition.
House Speaker Mike Johnson credited Trump’s involvement for enabling the potential passage of the bills as Congress aims to finalize crypto laws before its August recess.
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Trump’s deal signals growing GOP unity on crypto regulation
The deal ended a significant internal rift, with dissenters worried about insufficient protections against CBDCs now largely convinced by Trump’s backing.
Former resistance from figures like Marjorie Taylor Greene and Andy Biggs softened as Trump emphasized the importance of regulatory clarity.
The GENIUS Act poised for a critical House vote after revolt
Originally stalled due to conservative demands for stronger CBDC safeguards, the GENIUS Act now moves closer to a House vote.
The legislation bans the Federal Reserve from offering retail CBDCs, a key Republican concern, while providing a framework for regulating stablecoins and enhancing market transparency.
With bipartisan support in the Senate already secured in June, the House vote is expected to be decisive in shaping American crypto policy.
Lawmakers remain vigilant, seeking open amendment processes and ensuring the legislation balances innovation with consumer protection.
The Trump-brokered accord represents a pivotal moment for U.S. crypto law, signaling potential swift enactment this summer prior to Congress’s break.
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