U.S. President Donald Trump stated that he managed to convince Republican lawmakers to support the GENIUS Act after a meeting at the Oval Office.
Trump's Meeting with Legislators
After meeting with 11 of the 12 representatives in the Oval Office, Trump announced on Truth Social that they agreed to vote in favor of the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance Act.
Reasons for Withdrawing Support for GENIUS Act
The main reason for the pulled support was concerns regarding the lack of a 'hard ban' on central bank digital currencies (CBDCs). Republican Marjorie Taylor Greene stated that the 'GENIUS Act does not follow President Trump’s executive order because it does not ban a CBDC.'
Prospects for Voting on Cryptocurrency Bills
The vote on the GENIUS Act has been rescheduled for midday today. TD Cowen expects it to pass as 'Trump is pushing for its enactment.' Some lawmakers also want to combine the GENIUS Act with the other two bills.
The vote on the GENIUS Act and related bills is scheduled for today, and their approval may significantly impact the future regulation of cryptocurrencies in the U.S.
