U.S. President Donald Trump announced on Tuesday night that congressional leaders have agreed to move forward with the landmark GENIUS Act following a meeting in the Oval Office. This marks a major turnaround after House Republicans previously failed to pass a crucial procedural vote.
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act. After a short discussion, they all agreed to vote in favor of the Rule tomorrow morning,” Trump posted on Truth Social.
He also confirmed that House Speaker Mike Johnson participated via phone and expressed strong support for fast-tracking the legislative process.
A Turnaround After a Sudden Setback
The announcement signals a dramatic reversal after House Republicans earlier failed to pass a 196–222 procedural vote tied to “Crypto Week” legislation. The failure stemmed from internal GOP divisions, particularly from the Freedom Caucus, which opposed bundling the GENIUS Act with the Clarity Act and defense appropriations.
The GENIUS Act would establish the first federal regulatory framework for dollar-pegged stablecoins, granting broad oversight authority to the Treasury Department and providing a regulated path for private companies to issue digital dollars. The Senate passed the bill in June with a 68–30 vote, receiving bipartisan support despite concerns from some Democrats over Trump’s involvement in the crypto space.
Market Impact and Economic Outlook
Treasury Secretary Scott Bessent has projected that the U.S. stablecoin market could grow nearly eightfold to over $2 trillion in the coming years. With the current market valued around $238 billion, a clear legal framework would allow banks and businesses to operate more safely and transparently in the digital currency space.
Amid continued pressure from Trump, the GENIUS Act is now seen as one of the most viable legislative priorities for the crypto sector. Trump has repeatedly emphasized that stablecoin regulation is crucial for the U.S. to maintain its technological edge over China and Europe.
“I want to thank the Congressmen and women for their quick and positive response,” Trump added, expressing confidence in the outcome of Thursday’s procedural vote.
