US President Donald Trump delivered a last-minute save for the crypto industry last night. He reportedly brokered a deal with conservative House Republicans to revive long-awaited crypto bills that had faced a surprise setback recently.
The dramatic U-turn followed a failed procedural vote in the House earlier in the day, when 13 hard-line GOP members joined Democrats to block debate on the crypto-friendly legislation. This move sparked panic in markets and tanked crypto-linked stocks. Bitcoin price saw a straight dip to $116k levels from trading over $120K amid the fallout.
Trump jumps in to revive crypto bills
In a late-night post on Truth Social, Trump revealed he met with the dissenting Republicans in the Oval Office. After a “short discussion,” he said, the lawmakers agreed to flip their votes in favor of the rule required to move the bills to the floor for a full vote.
“They have all agreed to vote tomorrow morning in favor of the Rule,” Trump wrote in a post. He added that House Speaker Mike Johnson had joined the meeting remotely and supports fast-tracking the vote. However, he even thanked Congress for its quick and positive response.
The House will now consider three major industry-backed crypto bills this week. It is being seen as a moment that could reshape US digital asset regulation.
According to reports, the procedural vote was derailed when conservatives rebelled over the stablecoin legislation’s structure. Lawmakers, including Reps. Marjorie Taylor Greene and Tim Burchett objected to House leaders’ decision to take up a Senate-passed version of the bill without allowing amendments.
Two of the most vocal rebels, Reps. Anna Paulina Luna and Eli Crane were demanding an amendment that would ban the Federal Reserve from issuing a central bank digital currency (CBDC). This has been seen as a growing concern among crypto advocates. The failed rule vote ended in a 196–223 tally while catching the market off guard.
Bitcoin bounces back after Trump’s move
The digital asset market printed red indexes all around yesterday. Bitcoin fell by over 5% dipping below $117K, while stocks like Coinbase, Robinhood, and Riot Platforms all slipped in extended trading. The fear and greed index is still flashing “Greed” among the traders.
The cumulative crypto market saw a recovery of almost 3% on Wednesday morning. BTC is trading at an average price of $118,727 at press time. The biggest altcoin, Ethereum, surged by over 6% in the last 24 hours, outperforming BTC’s surge. ETH price is now up by 22% in the past 7 days. The altcoin is trading at an average price of $3,170 at press time. The fear and greed index is still flashing “Greed” among the traders.
Trump’s recent intervention somehow shows his promise to be a “crypto president.” Now, House leaders are expected to hold a re-vote on the rule opening the door for full debate and passage of the three bills. This includes a bipartisan stablecoin regulation framework, a market structure bill clarifying the role of the SEC and CFTC and protections for self-custody and decentralized finance.
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