The Trump administration had a setback earlier when House Republicans couldn’t move forward with a key procedural vote on a package of bills that included three crypto measures. Late Tuesday, President Donald Trump said he had made a deal with Republican members of Congress to move the legislation forward on Wednesday.
Trump stated in a tweet on his Truth Social platform that he met in the Oval Office with 11 of the 12 GOP representatives required to support the deal.
After a short conversation, they have all decided to vote tomorrow morning in support of the Rule, Trump remarked. Speaker of the House Mike Johnson was at the meeting by telephone, and looks forward to holding the Vote as early as feasible.
Trump did not disclose information regarding the contract.
Johnson later issued a long statement in which he praised Trump for assisting in securing the required votes to advance cryptocurrency legislation.
Johnson later issued a long statement in which he praised Trump for assisting in securing the required votes to advance cryptocurrency legislation.
“I’m thankful for President Trump getting involved tonight to ensure that we can pass the GENIUS Act tomorrow and agreeing again to help us advance additional crypto legislation in the coming days,” Johnson said, referring to one of the proposals.
Along with the entire Democratic caucus, a dozen House Republicans resisted Trump and Johnson earlier Tuesday in an attempt to stop the measure from moving forward on the floor and, at least temporarily, to stop House action. The total was 196-223 in the end.
Johnson has previously stated that, while he expected there would be enough resistance to derail the endeavor, he believed it was “important” to try to move the bill forward. Republicans hold a slender majority in the House, with 220 Republicans to 212 Democrats. Johnson stated that he will try to work with Republican holdouts to address issues.
“This is the legislative procedure. We have those members who really, truly want to highlight the House’s product,” Johnson said. They aim to push and meld them together. We’re attempting to collaborate with the White House and our Senate counterparts on this. I believe everyone agrees that we will do all three, but some of these folks insist that it all be done in one bundle.”
Trump vehemently lobbied Republicans to support the advancement of the crypto measures, which sparked the intraparty revolt.
Trump wrote on Truth Social Tuesday that the GENIUS Act would put our Great Nation lightyears ahead of China, Europe, and everyone else who is trying in vain to catch up but is just unable to do so. We are at the forefront of digital assets, which are the FUTURE! This afternoon, complete the first vote (ALL REPUBLICANS SHOULD VOTE YES!).
Reps. Tim Burchett, Michael Cloud, Andrew Clyde, Eli Crane, Marjorie Taylor Greene, Andy Harris, Anna Paulina Luna, Scott Perry, Chip Roy, Keith Self, Victoria Spartz, and Andy Biggs were among those who did not cast a vote. Steve Scalise, the majority leader, also modified his vote to “no” in order to maintain the option to bring the proposal up for another vote.
Republican Luna of Florida told that she is “pro-crypto,” but she voted against the procedural motion because she still worries about opening a “backdoor” to a Central Bank Digital Currency, a concern that Greene also expressed.
Greene, R-Ga., said on X that he recently voted against the GENIUS Act’s rule because it does not forbid the use of digital currency issued by central banks and because Speaker Johnson did not permit to propose changes to the GENIUS Act. A central bank digital currency under government control is not what the American people desire. Republicans should outlaw CBDC. Congress must incorporate a prohibition on CBDC in the GENIUS Act, as President Trump did in his executive order of January 23.
The vote was held during what the White House is referring to as “Crypto Week” and is one of the few times that House Republicans have disregarded Trump’s orders.
Trump recently declared himself a “fan of crypto” and described it as a “very powerful industry” that the United States has “dominated.” Trump introduced his own cryptocurrency meme coin earlier this year.
“I am the president. And what I did there was create a very significant industry,” Trump stated last month. “If we didn’t have it, China would.”
Previously skeptical of cryptocurrencies, Trump and his family have completely embraced the market, creating not only the $TRUMP meme coin but also a stablecoin company, a bitcoin mining company, and a cryptocurrency reserve.
