GENIUS Act Back on Track as Trump Wins Support from Lawmakers, BTC Price Jumps

Momentum behind the GENIUS Act has returned after President Donald Trump secured new backing from House members, breathing life into crypto legislation that briefly stalled in Congress. The legislative push faced unexpected delays, but it now looks set for another important vote.

Trump Rallies Lawmakers to Rescue GENIUS Act

In a direct appeal from the Oval Office, Trump revealed in a Truth Social post that he had met with 11 members of Congress who had previously opposed advancing the GENIUS Act and related crypto measures. 

Following what Trump described as a “short discussion,” the lawmakers agreed to back the bill in an upcoming procedural vote. 

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 present via telephone and looks forward to taking the Vote as early as possible. 

The turnaround comes after the House had earlier blocked a key procedural vote, stalling the GENIUS Act alongside the CLARITY Act and Anti-CBDC Act. The failed 196-222 vote was a reflection of internal Republican disagreements, particularly among members of the House Freedom Caucus who opposed combining crypto legislation with defence appropriations.

The GENIUS Act proposes the first federal regulatory framework for dollar-pegged stablecoins. It would create legal avenues for private companies to issue digital currency and grant the Treasury Department oversight authority. The bill previously passed the Senate with a bipartisan 68-30 vote in June, although some Democrats voiced concerns over potential links to Trump’s crypto interests.

A new procedural vote is now set for around 12:20 PM on July 15, according to a House schedule update from Majority Leader Steve Scalise. If successful, the House could debate and vote on final passage shortly afterward, putting the GENIUS Act back on track toward becoming law.

Bitcoin Swings as Trump Revives Crypto Bill Support

The GENIUS Act’s uncertainty briefly weighed on crypto markets. Bitcoin, which had surged to a new all-time high of $123,260 in anticipation of Crypto Week, retreated to $115,735 after the failed vote. Prices have since rebounded to around $117,000 mark as optimism grows over renewed legislative momentum.

Crypto markets were momentarily affected by the uncertainty surrounding the GENIUS Act. After the unsuccessful vote, Bitcoin, which had risen to a new all-time high of $123,260 ahead of Crypto Week, fell to $115,735. Since then, prices have increased to about $117,000 as hope for a new legislative push grows.

House divisions remain, however. Lawmakers such as Marjorie Taylor Greene have criticized the bill for not containing a strict ban on a central bank digital currency (CBDC). She warned it could become a “back door” for introducing government-backed digital money.