Washington has been a whirlwind lately, even for those of us who track the often-unpredictable world of digital assets. After days of political jostling, a quiet confidence seems to have settled over Capitol Hill. Lawmakers on both sides of the aisle, those who champion crypto, now say they have the votes. Key legislation, long in the making, appears set to pass.
- Key legislation, including the GENIUS Act and the Clarity Act, is expected to pass with bipartisan support.
- President Trump’s involvement has sparked debate, with Democrats raising concerns about potential conflicts of interest.
- The CBDC bill’s inclusion in the NDAA is a strategic move to ensure its passage through Congress.
This past week, dubbed “Crypto Week” by some, saw votes delayed. A group of conservative lawmakers had pushed for changes, particularly around how anti-central bank digital currency legislation would be handled. It was a moment of tension, a pause in the legislative dance, but it seems the music is about to resume.
The Legislative Path Forward
Majority Whip Tom Emmer, a Republican from Minnesota, sounded quite confident when he spoke with The Block recently. “All three of these are passing, they’re passing,” he said. He even suggested the GENIUS Act would reach President Trump’s desk for signature very soon, perhaps even becoming law by the end of the week.
The GENIUS bill, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoins bill, was scheduled for a vote on Thursday. If it passes, it moves swiftly to President Trump. The Clarity Act, or the Digital Asset Market Clarity Act, also faced a vote on Thursday. Its next stop, if successful, is the Senate.
The CBDC bill, which seeks to prevent the Federal Reserve from issuing a digital currency directly to individuals, had been a sticking point. Fed Chair Jerome Powell has said the Fed wouldn’t issue a CBDC without congressional approval anyway. But some lawmakers worried about the bill’s fate if it went to the Senate on its own.
Mr. Emmer acknowledged this concern. “You can’t guarantee any of that because the Senate is going to do what the Senate is going to to do, you just have to give them the opportunity,” he explained. The solution, it seems, was to include the CBDC bill in the National Defense Authorization Act (NDAA). The NDAA is one of those “must-pass” bills each year, making its inclusion a strategic move to ensure the CBDC ban gets a ride through Congress.
President Trump’s Role and Reactions
A meeting with President Trump on Tuesday night played a part in these developments. During those talks, an understanding was reached: the CBDC ban would be folded into the Clarity Act. It’s a significant detail, especially since Mr. Emmer noted that key House leadership was not present at that meeting and had opposed the measure.
When asked about the absence of House leadership, Mr. Emmer offered a glimpse into the spontaneous nature of the meeting. He said those leaders were physically nearby, chatting with Treasury officials about the GENIUS bill, while President Trump was in the Oval Office. “These guys are right next door, and they invited him over to have a discussion, and it just kind of moved this way,” Mr. Emmer recounted.
Mr. Emmer suggested that while President Trump is working with all lawmakers, a more planned meeting might have been better. “It would have probably gone much better had that kind of organic kind of not planned meeting, if it would have included the chair from the House Financial Services Committee, the chair from the House Ag Committee, or some others from those committees, because then the President would have gotten a full picture,” he said.
Democrats have voiced some criticisms about President Trump’s involvement in crypto. Bloomberg estimates that President Trump’s family has seen substantial proceeds, around $620 million, from crypto ventures. These include a DeFi (decentralized finance) and stablecoin project called World Liberty Financial, as well as the TRUMP and MELANIA memecoin launches.
Mr. Emmer defended President Trump’s family. “So this idea that they’re doing something they shouldn’t be doing in crypto — let’s tell the truth about it,” he stated. He added that the Trumps had been cut out of the traditional financial system. Eric Trump, President Trump’s son, has previously spoken about banks being “weaponized” against his family.
Mr. Emmer praised their adaptation. “What they have done, to their credit, is they have adjusted and literally evolved into the 21st-century financial system to protect themselves and they are really good at it,” he said. He also emphasized, “And by the way, everything they have done in this space is legal — they don’t get that credit.”
Bipartisan Hopes and Hurdles
Representative Josh Gottheimer, a Democrat from New Jersey, also weighed in. He acknowledged President Trump’s involvement as a significant issue but stressed the need for regulation. “My perspective has been pretty clear on that, that you’d rather have some regulatory oversight than no regulatory oversight, which will happen when these bills become law,” Mr. Gottheimer told The Block.
The mood in Washington, according to Mr. Gottheimer, is one of excitement among lawmakers who want to see these votes happen. “This has been years in the making, a lot of good bipartisan work, and so that’s where we are,” he shared. He admitted not everyone is on board, but many conversations are happening to bring more people along.
Mr. Gottheimer feels optimistic that both the GENIUS and Clarity bills will pass. He predicts strong bipartisan support, given his discussions with many lawmakers. He even sent a letter earlier in the week, urging his colleagues to support the Clarity bill. While the House Freedom Caucus may have caused some delays, Mr. Gottheimer confirmed that votes are indeed moving forward.
“It’s taken a few days longer than I wanted to given the Freedom Caucus, but we’ll get this vote up on the board and we’ll see a good, strong bipartisan showing,” Mr. Gottheimer concluded. It seems the wheels of legislation, though sometimes slow and circuitous, are finally turning for crypto. The coming days will show if these predictions hold true, and what new landscape emerges for digital assets.
