The GENIUS Act is good news for Ethereum because it is likely to ban competing yield-bearing stablecoins that often offer higher and simpler returns.

The main reason behind the pulled support was concerns regarding the lack of a “hard ban” on central bank digital currencies (CBDCs). “The GENIUS Act does not follow President Trump’s executive order because it does not ban a CBDC,” said Republican Marjorie Taylor Green in an X post.

Backers of the Genius Act, a potentially landmark bill that could help "stablecoins" go mainstream, say it would greatly speed electronic payments.

Trump announces 11 of 12 congressmen agreed to advance GENIUS Act stablecoin legislation after Oval Office meeting, reversing Tuesday's failed procedural vote during Crypto Week.

Donald Trump announced on Wednesday that 11 of the 12 House representatives have agreed to support the GENIUS Act. 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.

A group of right-wing House Republicans dealt a setback Tuesday to President Trump and GOP leaders' efforts to send legislation establishing the first-ever regulatory framework for stablecoin issuers to Trump for his signature.

The crypto industry could still notch a major win if the House can pass a bill detailing regulatory framework.

A procedural vote poised to smooth the processes for Crypto Week has failed, putting the CLARITY and GENIUS Act at risk.

The Senate voted 68-30 late Tuesday to pass the GENIUS Act, a bill that aims to regulate some cryptocurrencies. The bill faced some Democratic opposition over President Donald Trump’s cryptocurrency ventures, but it ultimately garnered support from 18 Democrats, including Sens. Cory Booker, D-N.J., and Adam Schiff, D-Calif.

The Genius Act will become the first major piece of crypto legislation passed by the Trump administration. Should you participate?