Donald Trump has just avoided a major political setback by rallying the dissidents of his own camp. Thanks to direct intervention at the Oval Office, he puts on track the adoption of the flagship laws of the crypto weekend. But internal tensions on digital central bank currencies (CBDC) suggest a battle far from over.
In short
- Trump met 11 of the 12 republican representatives opposed to Crypto bills and convinced them to vote favorably.
- The republican rebellion focused on the lack of an explicit prohibition of digital central banking currencies (MNBC) in the Genius law.
- Thirteen Republican legislators had withdrawn their support on Tuesday, causing the votes to cancel.
Presidential intervention in the face of an unprecedented rebellion
Donald Trump had to play the firefighters on Wednesday evening to put out a fire in his own ranks.
The American president received at the Oval office 11 of the 12 Republican representatives who had defected on Tuesday, paralyzing the adoption of three crucial texts expected for months by the Crypto ecosystem.
“” I am in the oval office with 11 of the 12 members of the congress necessary to pass the Genius Act and, after a short discussion, they all agreed to vote tomorrow morning in favor of the rule “, said Trump On its social social platform.
This direct intervention reveals the extent of the crisis: rarely republican elected officials dare to also open their president openly.
The sling was led by emblematic figures of the party. Steve Scalie, head of majority in the room, Marjorie Taylor Greene, Andy Biggs and Tim Buchett had all joined this rebellion.
A total of 13 Republican legislators had voted against the bill of bills, creating a major internal crisis.
This defection caused the immediate cancellation of all the votes scheduled for Tuesday, suspending the “crypto week” orchestrated by the Republicans.
The objective was clear, however: to adopt ambitious crypto legislation before the Congress summer break. The market was immediately shaken, and the most exposed assets were affected: Circle dropped by 7 %, 4 %corner.
Central banking digital currencies, conservative red line
The main contention apple concerns digital central bank currencies (MNBC). Dissident representatives demanded that the Genius law, which regulates stablecoins, incorporates an explicit MNBC prohibition.
Their fear? See a total state -of -state surveillance system on transactions from American citizens.
Andy Biggs was particularly virulent ::
The Genius of the Senate law creates a framework for a digital central bank currency on several levels (CBDC) and does not guarantee self -guard (the freedom to control your own money).
Marjorie Taylor Greene castigated the absence of possible amendments:
I have just voted no on the rule of the Genius Act because it does not include a ban on the digital currency of the Central Bank and because President Johnson did not allow us to submit amendments to the Genius Act.
The texts concerned are however structuring for the future of American crypto industry.
- The Genius Act imposes a strict framework for stablecoins: 100 % collateral in dollars, annual audits, control of foreign issuers.
- The Clarity Act aims to distribute the roles between the dry and the CFTC, providing long -awaited legal security.
- A third text, defended by Tom Emmer, intends to prohibit any CBDC issued directly to the public by the Fed.
Some Republicans demanded that these three projects be merged into a single legislative package. Others criticized an adoption deemed too rapid of the whole.
A decisive week for the future American crypto
Trump's intervention may well unlock a situation that was dangerously bogged down. The chamber president, Mike Johnson, was grateful ::
I thank President Trump for his commitment this evening so that we can adopt the Genius law tomorrow, and for his renewed commitment to help us advance the legislation on cryptocurrencies in the coming days.
The room actually meets Wednesday to debate these crucial texts.
This “crypto weekend” is of major strategic importance for the United States. While Europe is advancing on the regulation of digital assets with Mica and China is developing its own digital currency, America cannot afford to late. The adoption of these laws would place the United States in the position of world leader on Crypto regulation.
The Genius law, already adopted by the Senate in June, could reach Trump's office before the end of the week. This text imposes guarantees in dollars and annual audits for stablecoins issuers.
Clarity promises to clarify the respective roles of the SEC and the CFTC, finally bringing legal security as long awaited by the industry.
The outcome of this legislative battle will determine whether Trump America will be able to seize the historic opportunity to become the world capital of the crypto.
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