A dramatic turn of events on Tuesday night saw President Donald Trump personally intervene to pull House Republicans back from the brink, salvaging critical crypto legislation that had been derailed by a procedural revolt earlier in the day. The surprising turnaround paves the way for a renewed vote on Wednesday morning, aimed at advancing the stablecoin-focused GENIUS Act, the market-defining CLARITY Act, and the Anti-CBDC Surveillance State Act.
Earlier on Tuesday, during what the administration had dubbed "Crypto Week," the House voted 196-223 against a procedural rule that would have allowed these three key crypto bills to proceed to floor debate. This unexpected defeat stemmed from a dozen House Republicans joining Democrats in opposition.
The late-evening reversal came after President Trump met directly with several of the dissenting House Republicans in the Oval Office. Shortly before 9 p.m. ET, Trump announced on Truth Social, "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule."
A core concern for many of the Republican "no" votes was the perceived ambiguity within the GENIUS Act regarding a central bank digital currency (CBDC). Despite language in the bill that proponents claim prohibits the Federal Reserve from creating a CBDC, some conservatives remained unconvinced.
Representatives who voted against the rule included Ann Paulina Luna (Fla.), Scott Perry (Pa.), Chip Roy (Texas), Victoria Spartz (Ind.), Michael Cloud (Texas), Andrew Clyde (Ga.), Eli Crane (Ariz.), Andy Harris (Md.), Marjorie Taylor Greene (Ga.), Tim Burchett (Tenn.), Keith Self (Texas), and Andy Biggs (Ariz.).Rep. Marjorie Taylor Greene (Ga.) articulated her opposition on X, stating, "I just voted NO on the Rule for the GENIUS Act because it does not include a ban on Central Bank Digital Currency and because Speaker Johnson did not allow us to submit amendments to the GENIUS Act."
Kadan Stadelmann, Chief Technology Officer at Komodo Platform, echoed these concerns, asserting that despite its language, the GENIUS Act "does not include provisions explicitly preventing the Federal Reserve from creating a CBDC." He further warned that "there is also an opportunity for the Treasury Department to experiment with CBDCs, and the legislation does not prevent that, either."
Stadelmann, a vocal critic of what he views as "regulatory overreach," contended that stablecoin regulation "risks turning stablecoins into de facto CBDCs" and warned against "state interference in a market that has been functioning fine without the government becoming overly involved." He suggested that instead of stablecoin regulation, Trump should focus on a "Bitcoin Treasury," emphasizing Bitcoin's reliance on independent systems.
President Trump had previously championed the legislation, urging Republicans to vote 'yes' and claiming the bill would establish America as the "undisputed, number one leader in digital assets."Meanwhile, the legislation has also faced "continuous criticism" from Democrats, with Rep. Maxine Waters (D-Calif.) arguing that the pending crypto legislation "will open the floodgates to massive fraud and financial ruin for millions of American families.”
July 2025, Cryptoniteuae