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President Donald Trump has announced that he made a deal with most of the House Republicans who derailed a procedural vote on a package of legislation including three cryptocurrency bills.
Trump wrote on Truth Social late on Tuesday night: “I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule.
“Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the Vote as early as possible. I want to thank the Congressmen/women for their quick and positive response. MAKE AMERICA GREAT AGAIN!”
The GENIUS Act, or Guiding and Establishing National Innovation for U.S. Stablecoins Act, aims to regulate stablecoin, a type of cryptocurrency whose value is pegged to another asset, like the U.S. dollar.
While the bill has been welcomed by digital asset advocates and the financial industry, it has also faced criticism from some Democrats and a handful of Republicans concerned about potential conflicts of interest, safeguards against corruption, and the extended reach of “Big Tech” in finance.
AP
This is a developing story. More to follow.