Trump Announces GOP Holdouts Now Support Crypto Regulation Bills After Earlier Vote Failure
July 15, 2025 – Washington D.C. — President Donald Trump declared on Tuesday evening that Republican holdouts who previously blocked key cryptocurrency regulation bills in the House of Representatives have reversed their position and will now support advancing the legislation. This development comes after a dramatic day in Congress where several crypto-focused bills, heavily backed by Trump, initially failed to clear a crucial procedural hurdle.
Initial Setback for Crypto Legislation
Earlier on Tuesday, a set of bills intended to regulate various aspects of the cryptocurrency industry failed to move forward in the House. The critical vote to approve the rules governing debate on the bills fell short, with 196 members in favor and 223 opposed. Notably, 13 Republicans joined Democrats to block the bills.
The bills, including the highly anticipated GENIUS Act, had been expected to pass and represented a significant opportunity for the crypto industry, which had dubbed this period “Crypto Week” in Washington.
Trump: GOP Holdouts Agree to Support Bills Following White House Meeting
In a statement posted on Truth Social shortly before 9 p.m. ET, President Trump announced that after a meeting in the Oval Office with 11 of the 12 lawmakers necessary to pass the GENIUS Act, all had agreed to vote in favor of the measure the following morning.
President Trump highlighted that House Speaker Mike Johnson participated via phone during the meeting and expressed eagerness to hold the vote as soon as possible.
“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 wrote.
This swift shift from opposition to support demonstrates Trump’s continued influence within the Republican conference, reversing an earlier moment where his direction was temporarily disregarded by party members.
Overview of Key Crypto Bills in Play
- GENIUS Act: A bill focused on regulating stablecoins, which previously passed the Senate last month with some Democratic backing.
- CLARITY Act: Aims to clarify whether digital assets should be regulated as securities by the Securities and Exchange Commission (SEC) or as commodities by the Commodity Futures Trading Commission (CFTC).
- Central Bank Digital Currency (CBDC) Prevention Bill: Seeks to block the Federal Reserve from creating a central bank digital currency.
Republican Opposition and Conditions
Despite the late turnaround, some Republicans have expressed ongoing reservations. Representative Marjorie Taylor Greene (R-GA), a previous opponent of the bills, reiterated her concerns on social media, highlighting that the GENIUS Act does not include a ban on central bank digital currencies (CBDCs). Greene pointed out that President Trump’s executive order from January 23 advocated for a CBDC ban, and she insists Congress must incorporate such a ban into the legislation.
Market Reaction
The day’s legislative uncertainty sent ripples through the cryptocurrency market. Shares of Circle, a major stablecoin issuer, fell more than 7% following news of the procedural defeat. Coinbase shares dropped over 4%, while digital asset firm MARA Holdings declined more than 2%.
Industry and Political Implications
The initial failure to advance the crypto bills represented a surprising moment of resistance within the Republican party, during a week labeled “Crypto Week” and anticipated as a landmark moment for American digital asset leadership. The bipartisan support in the Senate for measures like the GENIUS Act had raised hopes for smooth legislative passage.
President Trump emphasized the strategic importance of these bills for American global leadership in digital assets.
“The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it,” Trump said. “Digital Assets are the FUTURE, and we are leading by a lot!”
Next Steps
With the GOP holdouts now reportedly aligned and Speaker Johnson eager to proceed, the House is poised to vote again on the rules enabling debate for these crypto bills as early as Wednesday. Observers will be watching closely to see if this turnaround holds and whether the bills can successfully navigate the remainder of the legislative process.
This story is developing. CNBC will provide updates as more information becomes available.
Reporting by Erin Doherty
Additional contributions by Emily Wilkins
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