Trump Secures 11 GOP Votes for GENIUS Act Following Oval Office Meeting — Vote Expected Tomorrow

Key Points

1. The House initially voted 196-223 against a procedural rule that would have advanced the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act during 'Crypto Week'.

2. Trump rallied GOP holdouts, securing 11 of the 12 needed votes to advance the stablecoin-focused GENIUS Act, which had previously passed the Senate 68-30 with bipartisan support.

3. Some Republicans opposed the bill due to concerns it might enable a central bank digital currency (CBDC), despite explicit prohibitions in the language.

4. Treasury Secretary Scott Bessent endorsed the GENIUS Act, stating stablecoins could 'reinforce dollar supremacy' rather than threaten U.S. monetary dominance.

5. The stablecoin market has grown from under $10 billion to $239 billion in five years, with 98% of stablecoins tied to the U.S. dollar, prompting global regulatory responses like the ECB's digital euro project.