Nikolas Sargeant
President Donald Trump's aggressive push for cryptocurrency legislation encountered unexpected resistance in the House of Representatives on Tuesday, as a key procedural vote failed to secure full Republican support despite his direct intervention. The president had publicly urged lawmakers to advance the GENIUS Act, a bill designed to regulate payment stablecoins, as part of a broader "crypto week" legislative package before the August recess.
The procedural setback came after Trump issued a direct order on his Truth Social platform for all Republicans to vote yes on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Trump's social media intervention underscored the high stakes surrounding the cryptocurrency legislation. However, at least 13 Republican lawmakers reportedly voted against the resolution needed to bring the crypto bills to the floor, highlighting divisions within the party on digital asset policy even when the president takes a strong stance.
The legislation has drawn scrutiny due to potential conflicts of interest surrounding Trump's involvement with World Liberty Financial, his family-backed crypto company that has issued its own stablecoin. Democratic leaders have raised concerns about foreign investment in the company, with Representative Maxine Waters' office calling it "a direct payment to the sitting US president with the goal of currying favor and influence within the White House."
Despite the procedural hurdle, House Speaker Mike Johnson indicated that another vote would be scheduled for Tuesday afternoon, and the GENIUS Act remains on track for a floor vote by Thursday. The bill previously passed the Senate in June with bipartisan support, though Democrats are now pushing for amendments to address consumer protection and prevent elected officials from holding or promoting cryptocurrencies to avoid conflicts of interest.
