July 16 (UPI) — President Donald Trump said a deal has been made with almost all the Republican House members who sank a procedural vote on his cryptocurrency bills Tuesday.
“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 said via Truth Social Tuesday.
“Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the vote as early as possible,” he added.
Two of the bills in question are the aforementioned Genius Act, which would regulate stablecoins and the Clarity Act, which would set rules to decide if an asset is to be regulated as either a security by the Securities and Exchange Commission or as a commodity supervised by the Commodity Futures Trading Commission.
The third bill would stop the creation of a central bank digital currency by the Federal Reserve.
It is unclear what guarantees Trump made to lock in the 11 switched votes of support for the procedural rule.
“I’m thankful for President Trump getting involved tonight,” posted Speaker Mike Johnson, R-La., to X Tuesday, who then declared that the Genius Act will pass when the new vote happens Wednesday.
Shares of stablecoin companies Circle and Coinbase had both dropped Tuesday upon the failure of the procedural vote, as did shares of the digital asset firm MARA Holdings, but all three had upward-heading premarket numbers Wednesday.