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.

Crypto week kicks off on Capitol Hill, with lawmakers set to debate a handful of bills that sources say could have a big impact on the market.

A key procedural vote fails in the U.S. House, halting progress on several crypto-related bills as bipartisan pushback stalls industry hopes.

The price of bitcoin BTCUSD jumped as high as 3% on Monday to $123,165.67 — a new record for the cryptocurrency. Bitcoin subsequently cooled slightly but was still trading at north of $120,000, at last check.

Congressional Republicans are poised to notch their biggest win ever in a yearslong legislative push to enact rules benefiting the cryptocurrency industry — but most eyes during the House GOP’s “crypto week” are likely to be fixed on Democrats.

The market structure package called the CLARITY Act could be held up as Democrats have concerns about President Trump’s growing crypto empire.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly.

The fate of long-awaited cryptocurrency legislation in the U.S. Congress was cast into doubt Tuesday, as a procedural vote to consider the measures was shot down by lawmakers from both parties, and shares of some companies in the sector fell.