Thanks to Trump, Congress is seeking to approve a historic package of crypto laws

This Wednesday, the United States House of Representatives approved by a narrow margin—215 to 211—a procedural motion that allows progress toward the final vote on three key bills regarding digital assets.

The vote represents a significant shift from the previous day, when a similar motion failed with 223 votes against, threatening to hinder the Trump administration's crypto legislative agenda.

The intervention of President Donald Trump was decisive, since on Tuesday night he called an emergency meeting in the Oval Office with 11 representatives who had voted against it. Subsequently, the current president announced on his Truth Social platform that the legislators had committed to support the motion the next day, which indeed happened.

The bill is about to be approved

The importance of this progress lies in the fact that the GENIUS Act, one part of the trio of bills that Republicans want to pass this week, was already approved by the Senate in June in a comfortable bipartisan vote of 68 to 30 in favor.

The content of the law establishes a federal framework for the issuance of stablecoins, requiring licenses and full-value reserves backed by U.S. dollars or equivalent liquid assets. It also provides consumer protections in bankruptcy scenarios.

If the House ratifies the bill without amendments, it could be signed by President Trump this very week, becoming the first significant cryptoasset legislation to pass both chambers of Congress.

No intervention from the FED

There were moments when the legislation hung by a thread. Thirteen Republicans initially voted against the procedural motion on Tuesday, concerned about a possible covert authorization for the issuance of a Central Bank Digital Currency (CBDC) by the Federal Reserve.

Despite these concerns, the text of the law includes explicit language clarifying that "it should not be interpreted as an expansion of the FED's authority to offer services directly to the public."

In addition, the Anti-CBDC Surveillance State Act, which will also move to a final vote, explicitly prohibits the central bank from issuing a CBDC, a measure designed to allay fears about state surveillance and monetary control.

The Republican leadership in the House chose to advance the Senate version without modifications in order to avoid new legislative negotiations and thus be able to enact the bill into law during the so-called "Crypto Week," a campaign designated by the White House to consolidate the Trump administration's crypto agenda.