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Trump Supports Crypto Bill to Boost US Tech Leadership
Trump announced a dramatic turnaround Tuesday night, revealing that congressional leaders have agreed to push forward the landmark GENIUS Act after a high-stakes meeting in the Oval Office. This surprising development comes just days after House Republicans failed to pass a crucial procedural vote earlier this week, casting doubts on the bill’s future.
Oval Office Deal Breathes New Life into GENIUS Act
In a statement posted on Truth Social, Trump shared: “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.” Notably, House Speaker Mike Johnson joined the meeting by phone, expressing strong enthusiasm for fast-tracking the legislation.
From Setback to Momentum: Overcoming GOP Divisions
Earlier Tuesday, House Republicans suffered a setback, failing a 196-222 procedural vote needed to advance the “Crypto Week” legislation bundle. Internal party divisions played a major role, especially resistance from the House Freedom Caucus, which opposed the combined package including the GENIUS Act, Clarity Act, and defense appropriations.
The GENIUS Act is groundbreaking as it sets the first federal framework for dollar-pegged stablecoins, giving the Department of Treasury broad powers and creating clear, regulated pathways for private companies to issue digital dollars. Despite earlier hurdles, the bill passed the Senate 68-30 in June with bipartisan support, even amid Democratic concerns related to Trump’s crypto ties.
Economic Impact and Industry Outlook
Treasury Secretary Scott Bessent projects the US stablecoin market could grow nearly eightfold, exceeding $2 trillion in value within a few years. The legislation targets the roughly $238 billion stablecoin sector, aiming to provide clarity for banks and companies in issuing digital currencies.
Trump emphasized the legislation’s strategic importance, framing it as a critical step in maintaining American technological leadership against China and Europe. Industry insiders see the GENIUS Act as the most achievable regulatory win for crypto this year, with major players eager for clear rules to foster mainstream adoption.
“I want to thank the Congressmen/women for their quick and positive response,” Trump concluded, signaling confidence in Thursday’s procedural vote to move the GENIUS Act forward.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
