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This Small House Republican Caucus Held US Stablecoin Bill Hostage Until Trump Cracked the Whip
In a surprising turn of events, a group of 13 conservative House Republicans held the United States’ stablecoin legislation hostage until President Donald Trump intervened and brokered a deal to save “Crypto Week” and advance digital asset bills.
The impasse began when this faction of Republicans joined forces with Democrats to defeat a procedural motion that would have allowed for debate on the GENIUS Act, which aims to regulate stablecoins. The sudden reversal in fortunes came after Trump summoned the dissenting members to the White House for an evening meeting and negotiated directly with them.
The Speaker of the House, Mike Johnson, participated remotely via telephone, highlighting the President’s role as the party’s chief arbiter. Following the summit, Trump declared on his social media platform that “11 of the 12 Congressmen/women necessary” had agreed to reverse their stance and vote in favor of the rule.
It appears that the conservatives dropped their primary demand to bundle the bills together, instead opting for a commitment from Trump to champion their key priorities, specifically the ban on central bank digital currencies (CBDCs), through other means.
Source: cryptoslate.com
