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Investing.com-- President Donald Trump said late Tuesday that the GENIUS Act, a U.S. legislation regulating stablecoins, is ready to pass through the House of Representatives during the legislative “Crypto Week.”
In a Truth Social post, Trump stated, "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 at the meeting via telephone, and looks forward to taking the Vote as early as possible. I want to thank the Congressmen/women for their quick and positive response," he added.
This follows the House’s 196-222 vote rejecting a procedural measure required to advance consideration of the crypto bills supported by the industry as a group of right-wing Republicans revolted.
The GENIUS Act, which already received bipartisan Senate approval in June, would for the first time create a federal framework for payment stablecoins, requiring liquid-asset backing, audits, monthly disclosures, and dual federal-state oversight.
This is the centerpiece of House-designated “Crypto Week,” during which lawmakers also plan votes on the CLARITY Act and a bill to ban a central bank digital currency.
The push has fueled a rally in bitcoin, which hit record highs above $123,000 earlier this week on optimism that these bills would boost regulatory clarity and institutional investment.