Updated: July 16th, 5:28am UTC: This article includes a post from Donald Trump.
President Donald Trump believes that when Republican lawmakers gather again on Wednesday, many who previously withheld support for three crypto bills will change their stance and vote in favor.
In a post on his Truth Social platform, Trump noted that he had met with 11 of the 12 representatives needed for the legislation, convincing them to support the measures. “I was in the Oval Office with these lawmakers, and after a short discussion, they agreed to back the rules tomorrow morning,” he stated.
A planned re-vote on the three crypto bills was scrapped when 13 Republican lawmakers sought to include a ban on central bank digital currency (CBDC). Some members argued for voting on two additional crypto measures, pushing to bundle amendments to secure support.
This legislative push falls under a Republican initiative called “Crypto Week,” aimed at advancing crypto legislation before Congress takes its August break. Meanwhile, Democrats have labeled their effort as “Anti-Crypto Corruption Week” to counter the proposed bills.
House Speaker Mike Johnson expressed gratitude to Trump for joining the effort, stating that it would help ensure passage of what he referred to as the Genius Act and promote further advancement in cryptocurrency legislation.
CBDC Controversy
House Majority Leader Steve Scalise, along with 12 other Republican lawmakers, participated in the decision to not consider the crypto bills on Tuesday. Some of the dissenters included Andrew Clyde, Tim Burchett, and Marjorie Taylor Greene. Another vote had been anticipated but was postponed, prompting further discussion.
Representative Biggs and others who abstained from supporting the legislation expressed that while they are not against crypto, they won’t endorse the Genius Act unless a clear ban on CBDCs is included.
“I voted against the rules for the Genius Act because it lacked a ban on digital currencies and didn’t accommodate proposed amendments,” Greene mentioned. She added that many Americans oppose a government-controlled CBDC.
Biggs voiced concerns about the Genius framework, criticizing it for not ensuring autonomy from CBDC practices. He emphasized the need for an open revision process so lawmakers can discuss and improve the bill effectively.
Interestingly, Trump’s previous executive order imposed a ban on the Federal Reserve from instituting CBDCs.
Bill Progress Challenges
Amidst these developments, Johnson highlighted the need for a procedural vote to advance these bills, indicating that legislative priorities are entwined with broader efforts in both the White House and the Senate. However, he mentioned that they need to address these measures sequentially, implying that combining them could jeopardize individual passage.
The House is set to reconvene on Wednesday to revisit discussions and legislative business.
Caitlin Long, CEO of Custodia Bank, reassured that the legislation will have opportunities for reconsideration, noting the initial procedural vote in the Senate experiencing its own setbacks before eventual success 11 days later.
The Genius Act enjoyed bipartisan support in the Senate before facing Democratic opposition due to concerns about Trump’s strengthening ties with the crypto sector.
Overall, the political dynamics surrounding this legislation are quite intricate, and the outcome remains uncertain. Discussions will continue as the House prepares for its next meeting.
