Trump, cryptocurrency and House of Representatives
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The House is set to vote on a series of high-stakes bills backed by the cryptocurrency industry, after top Republicans brokered a deal with a group of dissenters in their ranks.
House Republicans are struggling with cryptocurrency legislation that they had expected to pass during what they dubbed “crypto week.”
The House narrowly passed an earlier procedural vote to reopen a motion to debate after that motion failed on Tuesday when the House Freedom Caucus voted against advancing to debate and a final vote. While the rules motion is procedural, a majority of lawmakers need to vote in favor before the House can vote on the actual bills.
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The House is considering three bills that would regulate digital currencies. The first, the GENIUS Act, is expected to quickly pass and head to President Donald Trump's desk by Friday.
The GENUIS Act, a stablecoin bill, has already passed the Senate and looks set to become the first standalone crypto measure signed into law. The market structure package called the CLARITY Act could be held up as Democrats have concerns about President Trump's growing crypto empire.
President Donald Trump wished everyone a "Happy Crypto Week" on Truth Social on July 15. The House will soon vote on the GENIUS bill to make America the "UNDISPUTED, NUMBER ONE LEADER" in crypto assets. BTC Volatility Hit Historic Lows as ETF Inflows Transformed Market Dynamics: Bybit & Block Scholes Monthly Report
The crypto super PACs, though, have signaled that the vote breakdown on the broader bill, led by House Financial Services Chair French Hill (R-Ark.), will be their primary consideration as they weigh how to deploy their 2026 haul. The group spent more than $30 million benefiting House Democrats during the last campaign.