GENIUS Act Revival: Trump's Support Boosts BTC
GENIUS Act Back on Track with Trump's Backing
The GENIUS Act is experiencing a resurgence after President Donald Trump garnered new support from House members, revitalizing crypto legislation that had previously stalled in Congress. This legislative effort faced unexpected hurdles, but it is now poised for another crucial vote.
Trump's Appeal Rescues GENIUS Act
In a direct appeal, Trump revealed on Truth Social that he convened with 11 members of Congress who initially opposed the GENIUS Act and related crypto measures.
According to Trump, these lawmakers agreed to support the bill in an upcoming procedural vote following a "short discussion."
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. Speaker of the House Mike Johnson was present via telephone and looks forward to taking the Vote as early as possible.
This turnaround follows a previous setback where the House blocked a key procedural vote, stalling the GENIUS Act alongside the CLARITY Act and Anti-CBDC Act. The 196-222 vote reflected internal Republican disagreements, particularly among House Freedom Caucus members who opposed combining crypto legislation with defense appropriations.
The GENIUS Act aims to establish the first federal regulatory framework for dollar-pegged stablecoins, creating legal avenues for private companies to issue digital currency and granting the Treasury Department oversight authority. The bill previously passed the Senate with a bipartisan 68-30 vote in June, although some Democrats expressed concerns over potential links to Trump’s crypto interests.
A new procedural vote is scheduled for around 12:20 PM on July 15, according to a House schedule update from Majority Leader Steve Scalise. If successful, the House could debate and vote on final passage shortly afterward, potentially enacting the GENIUS Act into law.
🚨NEW: Another procedural vote has been scheduled for tomorrow around 12:20PM, according to the House voting schedule just sent out by @SteveScalise. If the procedural vote passes, we could see debate and final passage votes start afterwards. https://t.co/bCXnxEwfhV
— Eleanor Terrett (@EleanorTerrett) July 16, 2025
Bitcoin Reacts as Trump Revives Crypto Bill Support
The GENIUS Act’s initial uncertainty impacted crypto markets. Bitcoin, which had surged to a new all-time high of $123,260 in anticipation of Crypto Week, fell to $115,735 after the failed vote. However, prices have since rebounded to around $117,000 as optimism grows over renewed legislative momentum.
However, divisions remain in the House. Lawmakers like Marjorie Taylor Greene have criticized the bill for its lack of a strict ban on a central bank digital currency (CBDC), warning it could serve as a "back door" for introducing government-backed digital money.
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