Trump Celebrates GENIUS Act: US Poised to Lead in Digital Assets
Trump Declares “Crypto Week” as Legislation Faces Setbacks in Congress
President Trump’s Enthusiastic Support for Cryptocurrency
On Tuesday, President Donald Trump celebrated what he termed “crypto week,” expressing confidence that the United States would soon emerge as the leading nation in digital assets. His comments came just before a crucial procedural vote regarding significant cryptocurrency legislation in Congress, where he urged Republican lawmakers to unite in support of the measures. However, shortly after his remarks, a faction of Republicans unexpectedly allied with Democrats, halting the legislative process in the House of Representatives.
The GENIUS Act and Its Implications
“Happy crypto week! The House is poised to vote on a groundbreaking bill that will establish America as the unrivaled leader in digital assets—no one does it better!” Trump proclaimed. He emphasized that the GENIUS Act would propel the nation far ahead of competitors like China and Europe, who are struggling to keep pace.
Legislative Details and Challenges
The stalled legislation encompasses a Senate-approved bill aimed at regulating stablecoins, as well as broader initiatives designed to reshape the cryptocurrency market. Another proposed bill seeks to prevent the Federal Reserve from launching a central bank digital currency. The core issue causing the delay revolves around the procedural methods for advancing these three bills.
A Call to Action for Republicans
“Digital assets represent the future, and we are significantly ahead! Let’s get the first vote completed this afternoon—every Republican should participate! This is our opportunity—digital assets, GENIUS, and clarity! It’s all part of Making America Great Again, bigger and better than ever. We are at the forefront globally and will collaborate with both the Senate and the House to push for more legislation!” Trump further stated.
Unexpected Opposition and Legislative Uncertainty
Despite the enthusiasm from the President, a coalition of 13 Republicans joined Democrats to block a procedural vote necessary for bringing the cryptocurrency bills to the House floor. Speaker Mike Johnson reassured reporters that this was merely a part of the legislative process, indicating ongoing negotiations among the House, Senate, and White House. Nevertheless, the House leadership ultimately decided to cancel votes for the rest of the day, casting uncertainty over the future of the cryptocurrency legislation.
