Topline
Several cryptocurrencies and stocks backed by the industry jumped Wednesday, as regulatory optimism stirred among investors after President Donald Trump said most Republican detractors would advance the GENIUS Act and other pro-crypto legislation in the House.
Thirteen Republicans voted against a motion to advance three pro-crypto bills, 12 of whom Trump said … More
Key Facts
The price of bitcoin returned above $119,000 Wednesday morning after increasing by 1.5%, while the values of other cryptocurrencies, including Ether (5.9%), XRP (2.4%), Solana (4.8%) and Binance’s BNB (1.9%) rose over the last 24 hours.
Trump, writing in a Truth Social post late Tuesday, said he had a “short discussion” with 11 of 12 Republicans who voted Tuesday against advancing the GENIUS Act, the Digital Asset Market Clarity Act and the Anti-CBDC Surveillance State Act in the House, saying they “agreed” to vote in favor of the bills Wednesday.
Shares of stablecoin issuer Circle rose 4% in premarket trading, returning most losses from trading on Tuesday, adding to increases for Coinbase (1.1%), BitMine (17%), SharpLink (15%) and Bit Digital (5%).
What To Watch For
Whether the three bills advance in the House. Trump noted Speaker Mike Johnson, R-La., joined his meeting with the House Republicans and “looks forward to taking the vote as early as possible.”
Key Background
Trump has pushed the pro-crypto legislation in recent weeks, writing on Truth Social Tuesday that “ALL REPUBLICANS” should “VOTE YES.” House Republicans named the week of July 14 “Crypto Week” as they voted on bills they claimed would make the U.S. the “crypto capital of the world.” The GENIUS Act would establish the first set of federal regulations for stablecoin issuers, while the Digital Asset Market Clarity Act establishes which agency regulates certain digital assets, and the Anti-CBDC Surveillance State Act prohibits the Federal Reserve from issuing a central bank digital currency.
Why Did Legislators Oppose Trump’s Crypto Bills?
Rep. Marjorie Taylor Greene, R-Ga., said she voted against the procedural motion Tuesday because Johnson did not allow House members to submit amendments. She argued the GENIUS Act did not include a ban on a central bank digital currency, despite the Anti-CBDC Surveillance State Act explicitly doing so. Democrats previously expressed concerns over the bills and Trump’s dealings with the cryptocurrency industry, including his ties to World Liberty Financial, which issued the stablecoin USD1. Several House Democrats called for the Treasury Department to release documents related to an investigation into WLF and Trump-branded meme coins, alleging possible bribery, corruption and conflicts of interest. Sen. Elizabeth Warren, D-Mass., argued the GENIUS Act’s original text would “supercharge Donald Trump’s corruption.”