President Donald Trump has announced that significant legislative support has been pledged for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with the vote scheduled for early Wednesday morning. The president made this statement during a meeting in the Oval Office with 11 out of the necessary 12 Congress members required to pass the bill.
“After a brief discussion, all present have agreed to cast their vote in favor of the Rule tomorrow morning,” Trump shared on his Truth Social platform. He also mentioned a conversation with House Speaker Mike Johnson, who reportedly plans to expedite the vote on the legislation.
On Tuesday, a vote to advance three bills scheduled for the week, including the GENIUS Act and the Digital Asset Market Clarity (Clarity) Act, was narrowly defeated in the House with a vote of 196 to 223. These key legislations led to the current week being referred to as “Crypto Week.”
The GENIUS Act, which has already been approved by the Senate, seeks to establish a regulatory framework for stablecoins, including a requirement for full backing by U.S. dollars or comparable liquid assets. It will also mandate annual audits for issuers with a market cap exceeding $50 billion and establish guidelines for foreign issuance. The Act has received fervent support from Trump, who sees U.S. dollar stablecoins as a crucial instrument in reinforcing dollar dominance.
Following Trump’s post, House Majority Leader Steve Scalise released a new procedural voting schedule for the GENIUS Act, CLARITY Act, and the Anti-CBDC Act, with voting slated to begin at 12:20 p.m. on Wednesday.
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