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Trump Rescues Crypto Week After GOP Revolt
In a dramatic turn of events, U.S. President Donald Trump has successfully intervened to salvage the stalled Crypto Week, following a surprise revolt by a group of conservative Republican lawmakers. The unexpected move comes after a key procedural vote collapsed earlier this week due to concerns over central bank digital currencies (CBDCs).
The impasse had threatened to derail the entire legislative process and potentially stifle the development of the U.S. crypto industry. In a last-ditch effort, Trump personally reached out to 11 lawmakers who initially opposed the bills, emphasizing their importance for the country’s economic growth.
According to sources, the President convened an emergency meeting in the Oval Office, where he convinced the majority of the dissenting group to reconsider their stance and agree to support the legislation. The sudden U-turn is expected to revive the stalled initiative and inject a much-needed boost into the crypto market.
The key bills under consideration include the GENIUS Act, focused on stablecoin regulation and demanding full backing and audits; the Digital Asset Market Clarity Act, aimed at defining SEC/CFTC oversight roles and enforcing investor protections; and the Anti-CBDC Surveillance State Act, directly challenging the Federal Reserve’s authority to implement a digital dollar.
The White House has also faced criticism for its alleged ties to crypto companies, which could pose potential conflicts of interest. Democrats have reiterated their opposition to the bills, citing concerns over Trump’s involvement in crypto affairs.
Despite these reservations, the President’s intervention has given new life to the stalled legislation. The revote is set to take place on Wednesday, and it remains unclear whether the administration will be able to overcome Democratic resistance to pass the laws. Nonetheless, the unexpected development has sent a shockwave through the global cryptocurrency market.
Source: cryptopotato.com
