President Donald Trump announced on Tuesday that a faction of House Republicans who previously opposed several cryptocurrency regulation bills had reversed their stance following a White House meeting. He stated on Truth Social that all but one of the lawmakers present agreed to support the legislation, particularly the GENIUS Act, suggesting a vote could happen as soon as Wednesday morning.
Trump shared that House Speaker Mike Johnson participated in the meeting, expressing optimism about the upcoming vote. This sudden turnaround comes after the cryptocurrency bills recently failed to clear an essential procedural hurdle, with a vote tally of 196 in favor and 223 against, including 13 Republicans who sided with Democrats.
This unexpected outcome was viewed as a departure from typical Republican unity, especially given the ongoing “Crypto Week,” where these bills were anticipated to gain support. However, the late change in position from the previously hesitant lawmakers reflects Trump’s strong influence within the party.
Interestingly, the failure of these bills had an immediate impact on crypto-linked stocks, which dipped following the announcement. The situation emphasizes the volatility and unpredictability within legislative processes, particularly concerning emerging sectors like cryptocurrency.
As the House prepares for a potential revote, there remains a glimmer of hope for advocates of cryptocurrency regulation. Should the bills be passed, they could pave the way for clearer guidelines and more secure environments for businesses and investors in the crypto market.