- Trump is pushing the GENIUS Act through Congress and claims it will put America ahead of China and Europe in terms of digital assets.
- Thirteen House Republicans initially blocked the crypto legislation, but Trump met with them and secured their support for the vote.
- Three major crypto bills are being considered during Crypto Week, including stablecoin regulation and a ban on central bank digital currencies.
President Donald Trump has thrown his full support behind the GENIUS Act as the House of Representatives navigates a critical week of digital asset legislation. The stablecoin regulation bill passed the Senate with a 68-30 vote last month and faces renewed scrutiny during what lawmakers have dubbed “Crypto Week.”
Trump posted on Truth Social and reshared on X that “The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it.” The President has urged Republican lawmakers to vote in favor of the legislation without amendments, emphasizing America’s potential dominance in the digital asset space.
House Republicans Face Internal Resistance
The push for crypto legislation hit an unexpected roadblock when thirteen House Republicans voted against advancing the bill during initial proceedings. The failure of the rule during what is being billed as “Crypto Week” was a rare instance of House Republicans refusing to take direction from Trump. This internal resistance caught many observers off guard, as the measures had been widely expected to pass.
Trump responded by meeting with 11 of the 12 congressmen necessary to pass the GENIUS Act, writing on Truth Social that “after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule.” The President’s direct intervention underscores the high stakes surrounding the legislation.
Three Major Bills Shape Digital Asset Future
The House of Representatives will discuss three high-profile pieces of digital assets legislation during what US lawmakers have dubbed ‘Crypto Week’. Beyond the GENIUS Act, Congress is considering the CLARITY Act and the Anti-CBDC Surveillance State Act.
The CLARITY Act aims to establish clearer regulatory guidelines for digital asset service providers. At the same time, the Anti-CBDC Surveillance State Act seeks to ban the Federal Reserve from issuing a central bank digital currency. Trump told lawmakers via a Truth Social post to “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
The GENIUS Act establishes the first federal framework for dollar-pegged stablecoins, granting sweeping authority to the Department of the Treasury and opening the door to banks, fintechs, and retailers. Industry experts suggest the legislation break up the current stablecoin duopoly and encourage greater market competition.
Democrats have organized counter-efforts, launching “Anti-Crypto Corruption Week” to oppose the passage of key digital asset bills. Some Republican members have also expressed concerns about the GENIUS Act’s stance on central bank digital currencies, fearing it could provide backdoor access for future CBDC implementation.
The outcome of Crypto Week could fundamentally reshape America’s digital asset landscape, with implications extending far beyond traditional cryptocurrency markets into mainstream financial services and global competitiveness.
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