Important signals from the United States! Trump intervenes in the GENIUS Act regulation, and the House of Representatives reaches an agreement to remove obstacles.

Former U.S. President Trump intervened in an attempt to revitalize the momentum of cryptocurrency legislation in the U.S. House of Representatives. On Tuesday, July 16, local time, Trump announced that 11 out of 12 House members have agreed to support the GENIUS Act. The bill aims to establish a regulatory framework for stablecoins.

Previously, the House voted on Tuesday with 196 votes in favor and 222 votes against, resulting in the defeat of the bill, causing progress on a broader Crypto Assets legislative proposal to be temporarily stalled. Currently, a comprehensive vote on the GENIUS Act could take place as early as Wednesday.

Trump intervenes to restore Crypto Assets regulation

Trump announced on his Truth Social post on Wednesday that the GENIUS Act is ready to pass in the House during "Crypto Assets Week."

Trump wrote: "I am currently in the Oval Office with 11 of the 12 Congress members needed to pass the GENIUS Act, and after a brief discussion, they all agreed to vote in favor of the rule tomorrow morning."

He continued, "House Speaker Mike Johnson participated in the meeting via phone and looks forward to a vote as soon as possible. I want to thank all the members for their swift and proactive responses."

(Source: Truth Social)

Previously, lawmakers failed to pass a procedural motion that would have allowed the three bills – the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act – to enter the debate stage on Tuesday. The motion was defeated by a vote of 196 to 223, with several Republican lawmakers joining Democrats in voting against it.

The U.S. Senate passed the GENIUS Act in June, aimed at regulating stablecoin issuers in the United States and helping to establish a legal framework that can enhance their legitimacy and promote broader adoption.

In addition to the GENIUS Act, House members will also discuss the CLARITY Act and the Anti-CBDC Surveillance State Act during the same week known as "Crypto Assets Week," which has heightened expectations that cryptocurrency regulations will reach President Trump's desk before the August recess.