Topline
The House approved legislation to regulate stablecoins Thursday and is expected to vote on two other crypto bills later in the day after conservatives blocked the legislative package for a record nine hours Wednesday, defying President Donald Trump’s demands for what Republicans have dubbed “crypto week.”
House Speaker Mike Johnson, R-La., speaks at a press conference following a House Republican … More
Key Facts
The House passed the stablecoin bill, known as the Guiding And Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, in a 308-222 vote, sending it to Trump’s desk for a signature.
The House approved the rules for debate for the three bills late Wednesday, clearing a procedural hurdle to tee them up for final votes Thursday, after the initial rules vote failed amid a conservative revolt.
House Speaker Mike Johnson, R-La., told reporters “I do,” when asked if he expects all three bills to pass Thursday.
What Are The Three Bills?
The Anti-Central Bank Digital Currency (CBDC) Act, the Digital Asset Market Clarity Act of 2025 and the Guiding And Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
What Is The Genius Act?
The legislation establishes a regulatory framework for stablecoins, a type of cryptocurrency often tethered to the value of the U.S. dollar or another asset, which makes them a more secure investment than other cryptocurrencies. The act would establish guidelines for banks and other entities that issue stablecoins, and safeguards for stablecoin holders.
What Is The Anti-Cbdc Act?
It would prohibit the Federal Reserve from issuing a central bank digital currency, which critics say could facilitate financial monitoring and surveillance by the federal government. House leadership agreed to attach the bill to the National Defense Authorization Act, must-pass legislation that funds the Defense Department, to meet the demands of conservative holdouts who wanted all three bills combined.
What Is The Digital Asset Market Clarity Act?
It would divide regulatory jurisdiction for digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission. The bill would establish definitions of three types of digital assets—securities, commodities and stablecoins—and assign regulatory duties to each agency.
Which Republicans Blocked The Crypto Bills?
Thirteen, including Reps. Anna Paulina Luna, R-Fla., Scott Perry, R-Pa., Chip Roy, R-Texas, Victoria Spartz, R-Ind., Michael Cloud, R-Texas, and Marjorie Taylor Greene, R-Ga., among others, vote against the initial procedural motion Tuesday. Rep. Steve Scalise, R-La., who supports the bills, also changed his vote to a “no” to allow him to reintroduce the legislation later. They ultimately changed their votes when the Anti-CBDC Act was merged with the NDAA, resulting in a 217-212 vote to advance the bills after the vote remained open for a record nine hours.
What Has Trump Said About The Legislation?
Trump—whose family businesses have deepened their interest in crypto—said Tuesday he had a “short discussion” with 11 of the 12 holdouts and they agreed to the procedural maneuver, though his confidence proved premature as negotiations continued on the floor late into Wednesday.
Further Reading
Trump Says Most House GOP Holdouts Have Agreed To Back His Crypto Bills—What To Know (Forbes)
Key Crypto Bill Imperiled By Trump Crypto Firm’s Deal With Emirati State-Owned Fund (Forbes)
Landmark Crypto Regulation Passed By Senate: What To Know About Stablecoin GENIUS Act (Forbes)
