Trump Secures GOP Support for Crypto Legislation After Personal Intervention

President Donald Trump's late-night negotiations with Republican holdouts have revived prospects for major cryptocurrency legislation. The GENIUS Act, previously blocked in a surprise procedural vote, now has commitments from 11 of 12 needed GOP supporters ahead of Wednesday's expected vote.

The legislative package—including the stablecoin-focused GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act—faced opposition from Republicans concerned about potential central bank digital currency implications. The bills' language explicitly prohibits Federal Reserve from offering direct services to the public, but skepticism persisted among lawmakers.

The Senate-approved GENIUS Act establishes reserve requirements for stablecoin issuers and creates federal oversight frameworks. Its June passage with bipartisan support (68-30) contrasts with Tuesday's House revolt, where 196-223 opposition threatened to derail what proponents call 'Crypto Week' legislation.