Trump Rescues Crypto Week After GOP Revolt

Key Points

1. The U.S. House failed to advance three crypto bills—the GENIUS Act, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act—due to opposition from hardline Republicans and Democrats.

2. President Trump urged Republican lawmakers to pass the procedural vote and later secured support from 11 of the 12 dissenting Republicans for a revote.

3. The GENIUS Act aims to restrict the Federal Reserve from offering certain services, while the Anti-CBDC Surveillance State Act challenges the Fed's authority to implement a digital dollar.

4. The Digital Asset Market Clarity Act seeks to define regulatory roles between the SEC and CFTC and enforce investor protections.

5. The initial procedural vote failed 196 to 223, with opposition reportedly centered on concerns about the GENIUS Act's implications.