US President Donald Trump confirmed Tuesday night that congressional leaders have struck an agreement to advance the landmark GENIUS Act, a major legislative push aimed at regulating dollar-pegged stablecoins.
The breakthrough came after an Oval Office meeting where Trump met with 11 of the 12 key House Republicans needed to flip the outcome of a failed procedural vote earlier in the day. “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,” Trump posted on Truth Social.
House Speaker Mike Johnson also joined the meeting by phone and reportedly voiced strong support for expediting the bill’s progress.
From House Defeat to Revival: Inside Trump’s GENIUS Act Push
The turnaround follows a significant setback for House Republicans on Tuesday afternoon, when they failed to pass a key procedural vote, blocking a package of bills that included the GENIUS Act, the Clarity Act, and defense appropriations. The 196-222 vote exposed deep divisions within the GOP’s Freedom Caucus over bundling multiple measures.
The GENIUS Act, already passed by the Senate in June with bipartisan backing (68-30), proposes the first comprehensive federal framework for dollar-pegged stablecoins. The bill would empower the Department of the Treasury to oversee the sector and establish regulated pathways for private companies to issue fully backed digital dollars.
Stablecoin Market Set for Surge if GENIUS Act Passes
Treasury Secretary Scott Bessent has projected that the U.S. stablecoin market could expand from its current $238 billion to more than $2 trillion within a few years if the GENIUS Act becomes law. The bill’s passage is widely seen as crucial to giving financial institutions, fintechs, and crypto firms regulatory certainty at a time when competition with China and Europe is intensifying.
Trump has repeatedly described stablecoin policy as key to “maintaining American technological supremacy.” Industry stakeholders have lobbied aggressively for clearer rules, calling stablecoin clarity the crypto sector’s most achievable near-term goal in Washington.
“I want to thank the Congressmen/women for their quick and positive response,” Trump said, expressing full confidence ahead of Thursday’s procedural vote that could greenlight final passage.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
