GENIUS Act back on track in House after massive delay

The House voted late Wednesday to take up a bill establishing a regulatory framework for stablecoin issuers, after a record-breaking session that involved intense negotiations to quell a rebellion from hardliners. Why it matters: "The vote puts the GENIUS Act on a glide path to Trump's desk this week for his signature.After huddling in Speaker Mike Johnson's (R-La.) office, members of the House Freedom Caucus switched their votes to "yes," ending a nearly 10-hour standoff.The House is set to vote Thursday on the GENIUS Act as a standalone measure. Conservatives were pushing to combine a trio of crypto bills into one package, but ultimately settled for a partial win.The latest: House GOP leadership unlocked support for the vote by agreeing to attach one of the key crypto measures, the Anti-CBDC Surveillance State Act, to the must-pass National Defense Authorization Act.Johnson told reporters he spoke with Senate Majority Leader John Thune (R-S.D.) on Wednesday about adding the provision to the NDAA."We're hopeful that they'll hold the line," Johnson said of the Senate.The big picture: Wednesday's revote prevailed 217-212 and follows a meeting Trump said he held late Tuesday in the Oval Office with opponents."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 posted on his Truth Social account.But that confidence proved premature.Catch up quick: The House floor ground to a halt Tuesday after the chamber rejected a procedural vote setting terms for floor debate on the GENIUS Act.Johnson abruptly cancelled votes for the rest of the day amid demands to combine the GENIUS Act with two other crypto bills the chamber is considering this week.That would have forced the Senate to reconsider the legislation, likely leading to significant delays.Zoom out: After months of delicate bipartisan negotiations, the Senate passed the GENIUS Act in June by a 68-30 vote.Although the House has drafted its own stablecoin legislation, it ultimately chose to take up the Senate-passed version — in part to avoid having to go back to the Senate.Trump has said he wants the GENIUS Act on his desk as soon as possible.

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