After a failed House vote, Trump says 11 of 12 key lawmakers now back advancing the GENIUS Act. One day after the U.S. House failed to advance a key crypto legislative proposal, President Donald Trump announced on Truth Social that 11 of the 12 key lawmakers needed to support the GENIUS Act have now agreed to support the rule to advance the bill.

The crypto industry was headed for a landmark moment in the House with three bills that it helped push going to a vote. But a coalition of ultraconservative House Republicans staged a mutiny.

Bitcoin price and other cryptocurrencies were recovering on Wednesday following a set back to key crypto legislation Tuesday.Bitcoin is up 2.2% over the past 24 hours to $119,228, according to CoinDesk data.

Wholesale inflation remained unchanged in June, according to new Producer Price Index data. Meanwhile, "crypto week" in Washington has hit a snag as Republican lawmakers side with Democrats on cryptocurrency legislation.

Bitcoin and other major cryptocurrencies traded higher Wednesday after President Donald Trump said he expects the House to pass the GENIUS Act.

Donald Trump has made it clear he wants Republicans on the hill to rubber stamp the crypto bills on Capitol Hill this week - so why are some in the GOP holding it up? Plus - according to new reporting from Bloomberg,

"Crypto Week" kicks off in the U.S. as lawmakers debate key bills that could reshape digital asset regulation. Here’s what the legislation means for Bitcoin, investors, and the future of crypto in America.

Trump and GOP lawmakers said that they had the votes necessary to pass landmark crypto legislation in the House.