17.07.2025 11:59

President Trump successfully intervened in a House Republican revolt, securing the passage of crucial cryptocurrency bills. A procedural vote earlier in the day had failed, with thirteen Republicans rejecting a rule that would have allowed the GENIUS and CLARITY Acts, along with an anti-CBDC bill, to proceed. Their opposition stemmed from concerns that the GENIUS Act, despite its purported anti-CBDC provisions, could inadvertently pave the way for a central bank digital currency.

Following this setback, President Trump engaged in direct negotiations with eleven of the dissenting Republicans. A late-night meeting in the Oval Office resulted in a dramatic shift in their positions. These lawmakers subsequently pledged their support for the procedural rule, ensuring the bills' advancement to a full House vote. The president himself announced this breakthrough on Truth Social, highlighting the turnaround as a significant victory.

The GENIUS and CLARITY Acts, while aiming to regulate stablecoins and define market parameters respectively, have drawn criticism from Democrats and decentralized finance (DeFi) experts. These critics argue that the legislation could lead to excessive regulation, stifle crypto innovation, and disproportionately benefit large, centralized entities at the expense of more open and decentralized systems. Their concerns highlight a wider debate regarding the balance between regulation and fostering technological advancement in the cryptocurrency sector. The successful maneuvering by President Trump, however, ensures that these controversial bills will now move forward in the legislative process.