Trump Mediates GOP Standoff to Revive Crypto Legislation Vote

House Republicans initially blocked a procedural vote on Tuesday that would have advanced three significant cryptocurrency bills—the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act—during what the administration termed 'Crypto Week.' Thirteen GOP members opposed the rule, citing concerns that the GENIUS Act could inadvertently facilitate a central bank digital currency (CBDC), despite the inclusion of an anti-CBDC provision.

Former President Donald Trump intervened late Tuesday, meeting with 11 holdout Republicans and securing their commitment to support the rule in a revote. This abrupt reversal puts the legislation back on track for floor debate. Critics, including Democrats and decentralized finance (DeFi) advocates, argue the bills risk regulatory overreach, stifling innovation while favoring centralized entities over open crypto ecosystems.