President Donald Trump announced Tuesday that he has the votes to advance the controversial Guiding and Establishing National Innovation for U.S. Stablecoins, also known as the GENIUS Act.
The bill seeks to create a legal framework for stablecoins, or digital assets whose value is tied to a physical asset like fiat currency or gold. It has support from the crypto industry, which considers the bill an important step toward mainstreaming digital assets. However, Republicans failed on Tuesday to adopt a procedural motion needed to pass the bill.
Democrats have argued that the bill does not include enough legal protections and could open up other risks.
Trump claimed on his social network, Truth Social, that he met with 11 out of the 12 Republicans "necessary" to move forward with the bill. Trump did not specify who he met with other than House Speaker Mike Johnson (R-LA).
"After a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump claimed.
Trump's announcement comes as his "Crypto Week" gets off to a slow start. House Financial Services Committee Chair French Hill (R-AR) said last week that Republicans were aiming to pass multiple crypto-related bills "to safeguard Americans’ financial privacy."
