GENIUS Act back on track in House after massive delay
Add Axios as your preferred source to
see more of our stories on Google.
House speaker Mike Johnson at a press conference on Capitol Hill on July 15. Photo by Kevin Dietsch/Getty Images
The House voted late Wednesday to take up a bill establishing a regulatory framework for stablecoin issuers, after a record-breaking session that involved intense negotiations to quell a rebellion from hardliners.
Why it matters: The vote puts the GENIUS Act on a glide path to Trump's desk this week for his signature.
- After huddling in Speaker Mike Johnson's (R-La.) office, members of the House Freedom Caucus switched their votes to "yes," ending a nearly 10-hour standoff.
- The House is set to vote Thursday on the GENIUS Act as a standalone measure. Conservatives were pushing to combine a trio of crypto bills into one package, but ultimately settled for a partial win.
The latest: House GOP leadership unlocked support for the vote by agreeing to attach one of the key crypto measures, the Anti-CBDC Surveillance State Act, to the must-pass National Defense Authorization Act.
- Johnson told reporters he spoke with Senate Majority Leader John Thune (R-S.D.) on Wednesday about adding the provision to the NDAA.
- "We're hopeful that they'll hold the line," Johnson said of the Senate.
The big picture: Wednesday's revote prevailed 217-212 and follows a meeting Trump said he held late Tuesday in the Oval Office with opponents.
- "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 his Truth Social account.
- But that confidence proved premature.
Catch up quick: The House floor ground to a halt Tuesday after the chamber rejected a procedural vote setting terms for floor debate on the GENIUS Act.
- Johnson abruptly cancelled votes for the rest of the day amid demands to combine the GENIUS Act with two other crypto bills the chamber is considering this week.
- That would have forced the Senate to reconsider the legislation, likely leading to significant delays.
Zoom out: After months of delicate bipartisan negotiations, the Senate passed the GENIUS Act in June by a 68-30 vote.
- Although the House has drafted its own stablecoin legislation, it ultimately chose to take up the Senate-passed version — in part to avoid having to go back to the Senate.
- Trump has said he wants the GENIUS Act on his desk as soon as possible.
