A political standoff has delayed a House vote on cryptocurrency legislation as Republicans struggle with timing constraints and internal disagreements over the GENIUS and Clarity acts.

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.

Cryptocurrencies and several stocks tied to the ecosystem rose Wednesday as investors dismissed a snag in what was expected to be a winning week for crypto regulation. Bitcoin was last higher by nearly 2% at $118,

The House has been thrust into a sudden state of crypto chaos. Conservative hardliners staged an unexpected rebellion on the House floor that brought down a procedural vote to allow the chamber to take up a slate of digital assets bills, briefly hijacking a long-planned “crypto week” from GOP leaders in a bid to avoid getting jammed by the Senate.

The House of Representatives passed to go ahead with key crypto legislation on July 16, which sent the crypto market rallying. Bitcoin was trading at $119,507.85 as per Kraken's price feed.

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

Florida lawmakers helped by the cryptocurrency industry are joining a House majority backing the first crypto regulatory bill adopted by Congress.