WASHINGTON—The GENIUS Act appears to be moving ahead in the House. Following a round of pressure from President Donald Trump, momentum is shifting in the House of Representatives, Fast Company reported.
Earlier Tuesday, the cryptocurrency bill appeared to stall, with 223 lawmakers voting against it and just 196 in support—including 13 Republicans siding with Democrats. But a late-day White House meeting seems to have changed the equation, Fast Company said.
“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 in a post on Truth Social. House Speaker Mike Johnson phoned into the meeting and apparently plans to introduce another vote swiftly, Fast Company said.
If passed, the GENIUS Act would regulate stablecoins, or those tied to stable assets like the dollar.