Key Takeaways
- After a 10-hour-long marathon vote, the resolution on key crypto bills was adopted.
- Trump scrambled to save the GENIUS Act after a failed House vote blocked debate.
- Freedom Caucus opposed the crypto bills’ bundling with defense legislation.
- Trump says he’s secured the final votes needed for passage by tomorrow.
A day after Donald Trump promised he had enough handouts to get the procedural nod, the key crypto bills were finally moved to the House Floor vote stage on Wednesday.
Just hours after a critical procedural vote failed in the House, President Donald Trump sprang into action — working the phones, flipping lawmakers, and publicly vowing the GENIUS Act would clear its final hurdle by tomorrow.
The procedural vote, which was meant to advance discussions on several crypto bills, including the GENIUS Act, fell flat as members of the House Freedom Caucus rejected the motion.
Their objection? The crypto measures were bundled with broader defense legislation and didn’t include a ban on Central Bank Digital Currencies (CBDCs).
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GENIUS Act Moves to House Floor
The House of Representatives gave a procedural nod with a 217-212 close vote on Wednesday, breaking the record for the longest vote in history, which lasted almost 10 hours.
According to Eleanor Terrett, with the final procedural vote passed, GENIUS Act could go on the House Floor as early as Thursday.
The key roadblock to the procedural nod on Tuesday was the lack of anti-CBDC provisions in the crypto bills, which made many lawmakers fear a backdoor possibility. However, with the anti-CBDC bill clubbed together with other key crypto bills, the House finally passed the resolution after a 10-hour marathon voting session.
Trump Reacts — and Mobilizes
A clearly frustrated Trump took to Truth Social shortly after, writing that he had personally secured commitments from 11 of the 12 House Republicans needed to advance the GENIUS Act.
Speaker Mike Johnson joined a last-minute strategy call, signaling support for getting the bill back on the floor as early as Tuesday.
“I want to thank the Congressmen/women for their quick and positive response. MAKE AMERICA GREAT AGAIN!” Trump wrote.
Trump’s urgency suggests more than political theater — it underscores how closely tied he now is to the outcome of U.S. crypto legislation.
What’s Holding the GENIUS Act Back?
Opposition from the Freedom Caucus centers around concerns that the bill could open the door to a CBDC, which hardline conservatives view as a surveillance threat.
Rep. Andy Biggs, a vocal critic, claimed:
“The Senate’s GENIUS Act creates a framework for a layered CBDC and does not guarantee self-custody. Leadership must allow amendments to fix this.”
Some lawmakers have demanded a formal ban on CBDCs be added to the text, while others are urging leadership to decouple crypto legislation from the defense bill entirely to avoid further friction.
What’s at Stake?
With Trump’s media company and allies like World Liberty Financial deeply involved in the stablecoin space — WLFI recently launched its USD1 token — this legislation isn’t just about industry structure, it’s about legitimizing political allies’ ventures.
A successful vote could provide the regulatory clarity WLFI and others need to bring stablecoin products into mainstream finance, especially heading into election season.
For now, all eyes are on Capitol Hill as the House prepares for another vote, and the future of U.S. crypto policy hangs in the balance.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
