Amid ongoing discussions regarding crypto regulation in the US, President Donald Trump secured Republican support to revive three proposed bills that had been rejected earlier.
Bills Back on the Agenda
On Tuesday, President Donald Trump met with a group of House Republicans which led to a reassessment of their stance on the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act. Earlier that day, the House voted down a rule that would have brought the bills to the floor. However, by evening, Trump announced that 11 of 12 GOP holdouts agreed to support the legislation.
Divided Opinions within the GOP
Despite Trump's backing, divisions remain within the Republican Party. Some, including Rep. Marjorie Taylor Greene, express concerns about the GENIUS Act, fearing it could lead to the establishment of a Central Bank Digital Currency (CBDC). Greene stated she voted against the rule, as the bill does not include a prohibition on CBDCs.
Trump's Digital Asset Plans
Despite concerns, Trump is positioning the US as a leader in digital assets. Following the failed vote, he urged Republicans to pass the GENIUS Act, describing it as crucial for the country to maintain its lead in financial innovation. Experts emphasize that the critical issue is how stablecoins will be defined and regulated.
According to recent reports, a new procedural vote on the crypto bills is expected this week, potentially opening the floor for discussion about all three proposals. A variety of stakeholders will be closely monitoring developments in this regulatory landscape.
