The GENIUS Act, aimed at regulating stablecoins, faced opposition with 223 lawmakers voting against it. However, a White House meeting led by President Trump resulted in 11 Congress members agreeing to support it. The Act is one of three bills being discussed during the House's "Crypto Week." The uncertainty surrounding these bills has affected the stock market, particularly for crypto-related companies like Circle Internet Group, which initially saw a decline in stock value but rebounded the following day.
"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.
If passed, the GENIUS Act would regulate stablecoins, or those tied to stable assets like the dollar. It's one of three bills blocked in Tuesday's vote.
The trio's uncertainty has led to some turmoil in the stock market for crypto-adjacent companies. For example, the relatively newly public company Circle Internet Group stock lost about 5% of its value following Tuesday's vote.
However, Wednesday morning saw Circle's stock rise again, increasing by nearly 4% in premarket trading as of this writing.
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