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Trump Rescues Crypto Week After GOP Revolt
The highly anticipated Crypto Week has been given a new lease of life after a last-minute intervention by U.S. President Donald Trump. The move comes on the back of a dramatic turn of events, which saw a group of conservative Republicans in the House of Representatives revolt against key crypto legislation.
As reported earlier today, an initial vote to advance three crucial bills aimed at regulating the burgeoning digital asset market failed to pass after 196 lawmakers voted against the measure, while only 223 voted in its favor. The development was seen as a major setback for the crypto community, with many predicting that the impasse would spell disaster for the industry.
However, Trump has now stepped into the fray, meeting privately with all but one of the 12 holdout lawmakers to persuade them to change their stance. Following this unprecedented move, the President announced on his social media channel that he had secured their support for a revote scheduled for Wednesday.
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act,” Trump wrote on Truth Social. “After a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule.”
The bills at stake include the GENIUS Act, which aims to ensure stability in the stablecoin market by mandating full support and audits; the Digital Asset Market Clarity Act, focused on defining regulatory roles for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as investor protection measures. The Anti-CBDC Surveillance State Act seeks to curb the Federal Reserve’s ability to implement a digital dollar.
While Trump’s intervention has salvaged the situation, Democrats remain opposed to the legislation due to concerns surrounding the President’s own cryptocurrency interests and potential conflicts of interest.
The outcome is crucial for the crypto industry, as these bills would have represented significant progress in U.S. regulatory clarity.
Source: cryptopotato.com
