Trump Pushes Republicans to Vote For GENIUS Act During Crypto Week

The legislation has already passed the Senate with bipartisan support and needs only House approval to reach Trumps desk. If signed into law, it would mark the first major federal cryptocurrency regulation in U.S. history.

Some House Republicans Block Crypto Bills Despite Trumps Push

Despite former President Trumps push for a YES vote, the procedural vote collapsed after twelve conservative Republicans opposed it, citing concerns about how the cryptocurrency legislation was structured. This disruption halted House proceedings, marking a setback for Speaker Mike Johnson and the Republican leadership.

The vote ended in a 196-223 defeat, failing to secure the required majority and effectively preventing debate and final votes on the GENIUS Act alongside two additional crypto-focused bills. Republicans voting against the procedural step included Representatives Ann Paulina Luna, Scott Perry, Chip Roy, Victoria Spartz, Michael Cloud, Andrew Clyde, Eli Crane, Andy Harris, Marjorie Taylor Greene, Tim Burchett, Keith Self, and Andy Biggs.

House Speaker Mike Johnson reportedly indicated that the House would hold another vote later today.

What the GENIUS Act Would Do

The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025) would create comprehensive federal rules for stablecoins – cryptocurrencies pegged to the U.S. dollar. The legislation targets the $238 billion stablecoin market and requires issuers to maintain full reserves with a 1:1 backing ratio using U.S. currency or Treasury securities.

Under the new rules, only approved companies could issue stablecoins: subsidiaries of insured banks, federal-qualified nonbank issuers, and state-qualified issuers. Companies with more than $10 billion in circulation would face mandatory federal oversight.

The bill includes strong consumer protections. Coin holders would get priority if a company goes bankrupt, and issuers must conduct monthly audits to prove they have enough money backing their coins.

Strong Republican Support in Congress

Several top Republicans have rallied behind Trumps call for support. Senate Banking Committee Chairman Tim Scott (R-SC) said: “Today is a bold step forward – not just for financial innovation, but for American leadership, consumer protection, and economic opportunity.”

Lead sponsor Senator Bill Hagerty (R-TN) declared: “The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance.”

Senator Cynthia Lummis (R-WY), who leads the Digital Assets Subcommittee, called the bill “a huge victory for the digital asset industry and a critical step in securing our nations financial future.”

House Speaker Mike Johnson (R-LA) also voiced strong support, saying House Republicans are taking steps to deliver Trumps digital assets agenda.

Senate Already Passed the Bill

The Senate passed the GENIUS Act on June 17, 2025, with a strong bipartisan vote of 68-30. Eighteen Democrats joined all Republicans (except three who voted against) in supporting the measure.

The bipartisan support came after months of negotiations between Republicans, Democrats, and the White House. The bill initially failed in early May when Democratic senators changed their position, but extensive talks produced a compromise version that gained the needed support.

Trumps Financial Interest Raises Questions

Trumps financial disclosure revealed he earned at least $57 million in 2024 from crypto ventures, including World Liberty Financial, creating what critics call significant conflicts of interest.

Senator Elizabeth Warren warned the bill creates problems for corruption, noting that while the legislation stops members of Congress from profiting from stablecoins, it doesnt include the president.

The PBS reported that “Senate passes crypto bill ‘GENIUS Act’ without addressing Trumps investments” despite these concerns being raised during debate.

Industry Investment Pays Off

The cryptocurrency industry spent about $250 million in the 2024 election cycle to elect the most pro-crypto Congress in U.S. history. This massive political investment appears to be paying off with the GENIUS Acts progress.

Trump has transformed from a crypto skeptic to an advocate, now positioning himself to make America the “crypto capital of the world.” This shift aligns with his broader business interests in the digital asset space.

What Happens Next

If the House passes the bill, it would go directly to Trump for his signature. Treasury Secretary Scott Bessent has endorsed the legislation and estimates the stablecoin market could grow to $3.7 trillion by 2030.

The regulatory framework would legitimize stablecoins for mainstream payments, with major corporations like Amazon and Walmart reportedly preparing their own stablecoin offerings.