A day after a landmark stablecoin bill was delayed by more than a dozen wary Republicans in the US House of Representatives, President Donald Trump insisted that he’d brought the dissenters around.
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the Genius Act,” the president wrote Tuesday evening on his social media site Truth Social.
The Genius Act, which sailed through the Senate last month, is expected to ultimately win approval and establish a regime for the issuance and management of stablecoins.
But on Tuesday, the act unexpectedly failed to pass a procedural vote by 223 to 196.
‘Crypto Week’
The development put a damper on the GOP’s self-styled “Crypto Week,” in which two other key pieces of legislation are expected to have House votes.
The sticking point for some, including hardline House Republicans Marjorie Taylor Greene and Arizona Rep. Andy Biggs, is a missing provision that would ban the creation of a CBDC.