TLDR
- GENIUS Act poised for House vote after failed rule revote; GOP support regained via Trump meeting with 11 lawmakers.
- Senate passed GENIUS Act 68-30; House may vote July 17 amid revived bipartisan support.
- GENIUS Act creates the first U.S. federal framework for stablecoins, overseen by the Treasury.
- Bitcoin rebounds to $118K; Ethereum and Solana rise as crypto markets react to legislative progress.
The GENIUS Act is back on track in the U.S. House of Representatives after facing a failed procedural vote. Representative French Hill has confirmed that there is now enough bipartisan support to advance the bill, along with two others focused on crypto regulation.
Bipartisan Backing Strengthens for Crypto Bills
Representative French Hill has confirmed that the GENIUS Act, along with the CLARITY Act and the Anti-CBDC Surveillance State Act, now has strong bipartisan support in the House. Speaking during an interview with CNBC, Hill said the bills are expected to move forward soon as part of ongoing legislative discussions during Crypto Week.
He emphasized that the GENIUS Act would establish the first federally regulated framework for dollar-backed stablecoins in the United States.
The GENIUS Act recently faced a setback when a procedural vote failed by a margin of 196-222. Several Republican lawmakers had voted against the bill, raising concerns that it could allow for the creation of a central bank digital currency (CBDC).
JUST IN: 🇺🇸 House Financial Services Chair French Hill says they have the votes to pass the GENIUS Act, CLARITY Act, and Anti-CBDC bill. pic.twitter.com/6XdwIAO0B5
— Crypto India (@CryptooIndia) July 16, 2025
The Speaker of the House is now preparing to reintroduce the bills for reconsideration, giving lawmakers another opportunity to vote on the package.
Hill’s renewed optimism follows a meeting in the Oval Office between President Donald Trump and 11 Republican House members who had previously opposed the bill. Trump’s intervention appears to have helped regain their support.
Trump Meeting Helps Regain GOP Support
Support for the GENIUS Act gained new momentum after a meeting between President Donald Trump and 11 Republican lawmakers. These lawmakers had previously voted against the bill, but following the meeting, they agreed to support the next procedural vote.
Trump posted on Truth Social, saying,
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act… They have all agreed to vote tomorrow morning in favor of the Rule.”
Speaker Mike Johnson reportedly joined the meeting via phone and is preparing the House for a renewed vote. According to Majority Leader Steve Scalise, a new vote is scheduled for around 12:20 PM on July 16. If successful, a full debate and final vote could follow later in the day.
GENIUS Act Sets Path for Stablecoin Regulation
The GENIUS Act aims to establish the first federal regulatory framework for dollar-pegged stablecoins in the United States. It would allow private firms to issue stablecoins under federal supervision and grant oversight to the U.S. Treasury Department.
The Senate passed the bill last month with a 68-30 bipartisan vote. However, concerns still exist among some lawmakers about whether the bill allows the development of a CBDC. Representative Marjorie Taylor Greene has warned that the legislation might serve as a “back door” for government-issued digital currency.
Despite those concerns, Hill stated that revisions and discussions have helped unify enough support for the bill to move forward in the House.
Crypto Markets Respond to Legislative Progress
The House of Representatives may vote on the GENIUS Act and related crypto bills as early as July 17. This comes after renewed momentum and growing bipartisan support, signaling a possible breakthrough during Crypto Week. Lawmakers are preparing for a second procedural vote that could lead to final passage of the bills.
President Donald Trump has called on Republicans to support the GENIUS Act, stating that it would help the U.S. stay ahead of China and Europe in digital innovation. His meeting with 11 previously opposing GOP lawmakers appears to have shifted the balance in favor of the bill. Speaker Mike Johnson is expected to move the legislation forward quickly.
The crypto market has reacted positively to recent developments. Bitcoin has rebounded from a post-vote low of $115,735 to over $118,000. Ethereum and Solana are also rising, gaining 4% and 3.27% in the last 24 hours.
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