Trump declares breakthrough on crypto laws

July 16, 2025 (MLN): U.S. President Donald Trump declared a major breakthrough in advancing key cryptocurrency legislation, revealing that a group of House Republicans who had initially opposed the bills had reversed their stance following a White House meeting.

The turnaround came just hours after the proposed crypto regulations, including the GENIUS Act, the CLARITY Act, and a bill banning a central bank digital currency (CBDC), were blocked in a 196–223 procedural vote, with 13 Republicans siding with Democrats.

Trump, posting on Truth Social, said he met with 11 of the 12 necessary House members and secured their commitment to vote in favor of the legislation the following morning.

He added that House Speaker Mike Johnson called into the meeting and supported moving the vote forward quickly, as CNBC reported.

The GENIUS Act, which aims to regulate stablecoins and already passed the Senate with some Democratic backing, was one of the central pieces of legislation.

The CLARITY Act seeks to clarify the regulatory status of digital assets between the SEC and CFTC, while the third bill would prevent the Federal Reserve from introducing a CBDC.

Despite the setback earlier in the day, Trump hailed the bills as part of “Crypto Week” and declared on social media that the U.S. would become the “UNDISPUTED, NUMBER ONE LEADER in Digital Assets.”

However, not all Republicans were convinced. Representative Marjorie Taylor Greene voted against the GENIUS Act, citing its lack of a CBDC ban and limited room for amendments.

She argued that Congress must reflect Trump’s own January 23 executive order banning CBDCs.

The failed vote triggered a downturn in crypto-linked stocks, with shares of Circle falling over 7%, Coinbase down more than 4%, and MARA Holdings slipping over 2%.

The late reversal, however, underscored Trump’s strong influence within the GOP and renewed momentum for the stalled legislation.

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