Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Trump strikes deal to unblock crypto bills in House, GENIUS Act set for vote

Source Fxstreet

Donald Trump announced on Wednesday that 11 of the 12 House representatives have agreed to support the GENIUS Act.
The GENIUS Act, which outlines a regulatory framework for stablecoins, could face a full vote as early as Wednesday.
This follows the House’s 196-222 vote on Tuesday to reject a procedural motion that would have allowed consideration of several crypto-related bills.

US President Donald Trump steps in to revive momentum for crypto legislation in the US House of Representatives. On Wednesday, Trump announced that 11 of the 12 House representatives have agreed to support the GENIUS ACT bill. This bill allows for the establishment of a regulatory framework for stablecoins, and the move comes after the House voted 196–222 against advancing the bill on Tuesday, temporarily stalling progress on a broader crypto legislative package. A full vote on the GENIUS Act could now take place as early as Wednesday.

Trump steps in to revive crypto regulations

Donald Trump announced on his Truth Social post on Wednesday that the GENIUS Act is ready to pass through the House of Representatives during the legislative “Crypto Week.”

Trump said, “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 continued, “Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the vote as early as possible. I want to thank the Congressmen/women for their quick and positive response.”

This announcement comes after lawmakers failed to pass a procedural motion that would have allowed the three bills —GENIUS, CLARITY, and Anti-CBDC—to move forward for deliberation on Tuesday. The motion was defeated by a vote of 196 to 223, as several Republican members joined Democrats in voting against it.

The US Senate passed the GENIUS Act in June, aiming to regulate stablecoin issuers in the US and help establish a legal framework that could enhance their legitimacy and facilitate wider adoption.

In addition to the GENIUS Act, the House lawmakers will also discuss the CLARITY bill and the Anti-CBDC Surveillance State Act, all in the same week, “Crypto Week,” boosting expectations that crypto regulations will reach President Trump’s desk before the August recess.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin CME gaps at $35,000, $27,000 and $21,000, which one gets filled first?Prioritize filling the $27,000 gap and even try higher.

Author FXStreet

Aug 22, 2023

Prioritize filling the $27,000 gap and even try higher.

Pinduoduo Earnings Incoming: Morgan Stanley Sees Long-Term Profit Potential Insights – On November 21, Chinese e-commerce giant Pinduoduo (PDD) will release its Q3 2024 earnings.

Author Mitrade

Nov 20, 2024

Insights – On November 21, Chinese e-commerce giant Pinduoduo (PDD) will release its Q3 2024 earnings.

Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

Author Mitrade

Nov 17, 2025

Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

Japanese Yen bears turn cautious near four-decade low amid looming intervention risks The USD/JPY enters a bullish consolidation phase during the Asian session on Wednesday and holds steady above the 163.00 mark, near its highest level since 1986 set the previous day.

Author FXStreet

23 hours ago

The USD/JPY enters a bullish consolidation phase during the Asian session on Wednesday and holds steady above the 163.00 mark, near its highest level since 1986 set the previous day.

Gold rallies to over two-week high, eyes $4,150 as traders track US-Iran diplomacy efforts Gold (XAU/USD) rallies to an over two-week high, around the $4,140-$4,141 area, during the Asian session on Wednesday amid hopes that US-Iran diplomacy could ease energy prices and temper hawkish US Federal Reserve (Fed) expectations.

Author FXStreet

14 hours ago

Gold (XAU/USD) rallies to an over two-week high, around the $4,140-$4,141 area, during the Asian session on Wednesday amid hopes that US-Iran diplomacy could ease energy prices and temper hawkish US Federal Reserve (Fed) expectations.

Popular Symbols