House Stablecoin Bill Stalls, Revived After Trump Intervention

A procedural vote to advance landmark cryptocurrency legislation collapsed on the House floor Tuesday, only to be resurrected hours later following direct involvement from former President Donald Trump. The reversal capped a tense standoff between Republican leaders and a faction of conservative holdouts that temporarily derailed the party's 'Crypto Week' agenda.

The impasse began when 13 Republicans joined Democrats to block debate rules for a package including the GENIUS Stablecoin Act. Freedom Caucus members demanded consolidation of three digital asset bills into a single package, leveraging their votes as bargaining chips. Their rebellion threatened to scuttle companion legislation on defense spending and budget rescissions.

Market participants monitored the developments closely, as the GENIUS Act would establish federal oversight for dollar-pegged stablecoins—a cornerstone of crypto trading infrastructure. The eleventh-hour resolution underscores the growing political stakes surrounding digital asset regulation as the 2024 election cycle approaches.