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Crypto Week Stalled by Freedom Caucus in Congress Showdown
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July 16, 2025
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6:14Now PlayingPatrick McHenry, former republican congressman from South Carolina and former Chair of the House Financial Services Committee, breaks down the relationship between the Freedom Caucus and President Trump as the two parties go back and forth on a slate of cryptocurrency bills.
ouse Republican leaders’ plan to pass three industry-backed crypto regulatory measures appeared to be back on course Tuesday night after President Donald Trump said he had convinced holdout conservatives to move forward with the legislation.
A faction of Republican hardliners had demanded changes to a Senate-passed stablecoin regulation bill and joined with Democrats to defeat a procedural step needed to begin consideration of the crypto bills. The loss disrupted a planned legislative press Trump had promoted as “Crypto Week.”
As talks with the dissidents dragged on, House leaders informed lawmakers no further votes were planned for the remainder of the day.
But Trump later announced on his Truth Social platform that “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.”
He added that House Speaker Mike Johnson took part in the meeting by phone.
“I’m thankful for President Trump getting involved tonight to ensure that we can pass the GENIUS Act tomorrow, and agreeing again to help us advance additional crypto legislation in the coming days.” Johnson said on X.
House Republican leaders struggled Wednesday to resolve an impasse with GOP hardliners on crypto legislation backed by President Donald Trump, holding open a key procedural vote as talks dragged on.
The dispute centered on the conservative holdouts’ demands to include a provision prohibiting the Federal Reserve from issuing digital assets in a broader crypto market structure bill.
Hardliners met with House Speaker Mike Johnson and key Republican supporters of the crypto legislation in a room just outside the House chamber Wednesday afternoon as party leaders kept open the procedural vote.
Combining the two bills would risk Democratic support, threatening passage in the Senate, said a pro-crypto Democrat who asked not to be identified.
The president claimed to have convinced the holdouts to move forward with legislation after meeting with a group of them late Tuesday night at the White House.
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