- President Trump met with 11 out of 12 key lawmakers to secure votes for the GENIUS Act.
- A procedural motion for crypto legislation failed earlier with a 196–222 vote.
- Concerns remain over the bill’s link to CBDC despite clarification in its language.
Just hours after House Republicans failed to advance a key vote on crypto-related bills, former President Donald Trump stepped in to revive the momentum. From the Oval Office, Trump announced that he had met with 11 of the 12 lawmakers essential to push the GENIUS Act forward.
Following a brief discussion, all 11 agreed to vote in favor of the bill during a scheduled vote the next morning. Speaker Mike Johnson joined the meeting by phone and expressed his support for the move.
It was earlier this day that the House was dealt a stunning blow when a procedural motion was voted down. Such a motion, which would see debate initiated on several crypto-related bills, including the GENIUS Act, was voted down with a count of 196 for and 222 against.
A majority of the votes against the motion belonged to House Freedom Caucus members. Their big concern was that the GENIUS Act was being bundled with other bills.
Some members were also not happy about possible connections between the GENIUS Act and the development of a Central Bank Digital Currency (CBDC), even though there is language in the bill that explicitly bars the Federal Reserve from initiating a retail CBDC.
Also Read: Stablecoin Regulation Gains Momentum as US Senate Approves GENIUS Act
Lawmakers Express Concerns Over CBDC Language
Rep. Marjorie Taylor Greene voted against the resolution. She expressed her hesitation that the GENIUS Act lacked a flat prohibition of CBDC. Greene stated that without such a ban and the ability to submit amendments, the bill did not meet Republican expectations.
She emphasized the need for firm protection against a government-controlled digital currency. This is not a new concern for conservative legislators. Some are afraid that a CBDC might enable the government to track or even dictate personal expenditures.
Though language is put in the GENIUS Act to place limits on the Federal Reserve’s powers so that it can’t provide services such as digital purses or public accounts, even more stringent assurances are desired from opponents.
Trump’s Involvement May Shift the Outcome
Despite the prior voting debacle, a personal appeal from Trump could reverse the situation. His personal meeting with top legislators and his public announcement have changed the momentum for the GENIUS Act. Speaker Johnson attending, even remotely, provides more weightage to the new development.
With a vote looming, everyone will be watching if Trump’s push can be translated to a successful passage of the GENIUS Act. If the 12th legislator gets on board with Trump’s initiative, the bill might yet clear the House and redefine the way the U.S. regulates stablecoins.
Also Read: GENIUS Act Surges Toward Trump’s Desk After Senate Approval
