Donald Trump’s latest Truth Social posts reaffirm his support for cryptocurrencies as he pushes for the US House GOP to pass the GENIUS Act.
The Crypto Week kicked off on Monday, and even the US president is a fan. He wished the US House of Representatives a happy Crypto Week ahead of the votes on three “tremendous” bills that will position America as the undisputed leader in the crypto space.
Notably, the US House went to the polls on Tuesday to vote on the advancement of three bills: the GENIUS Act, the CLARITY bill, and the Anti-CBDC bill. Reports show that the bills did not pass yesterday, as divided Republicans and unyielding Democrats dealt a blow to the passage.
Stablecoin Legislation Fails to Pass on First Vote
Despite the call from Trump that all Republicans vote yes to the GENIUS Act passing, some GOP hardliners repealed the bill. For context, 580 US congresspeople were present to vote on the approval of the stablecoin bill yesterday, and 223 members voted no.
Of the 223 nay votes, 210 came from the Democrats, who united to prevent the bill from passing at the first trial. Interestingly, only two present Democrat members did not vote on the bill, and all who voted repealed it.
However, the Republicans seemed divided in contrast to the Democrats. Of the majority of 220 present members, 196 voted yes, 13 voted no, and 11 stayed on the fence. This brought the results of the poll to 196-223 against the passing of the stablecoin bill.
Some of the Republican no voters include Andy Biggs, Victoria Spartz, Michael Cloud, Majority Leader Steve Scalise, and Anna Paulina Luna. Meanwhile, Florida’s Luna shared that her concerns stemmed from the fact that the GENIUS Act did not specifically ban the creation of central bank digital currencies (CBDCs).
Moreover, Speaker of the House Mike Johnson disclosed that the lack of bipartisan support for the GENIUS Act came from arguments that all three crypto bills should pass the House simultaneously, rather than being voted on individually.
Trump Assures GENIUS Act Will Pass Today
Again, the pro-Bitcoin president swung into action after the votes, as disclosed in another Truth Social post. Trump noted that he had a discussion in the Oval Office with 11 of the 12 GOP House members required to pass the GENIUS Act and had convinced them to vote for the bill today.
The meeting, which House Speaker Johnson attended by telephone, ended with the GOP hardliners agreeing to vote in favor of the stablecoin bill on Wednesday.
The US House will vote on the GENIUS Act bill again today, and the crypto industry hopes it will finally pass.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
