A planned “Crypto Week” in the House of Representatives, aiming to advance industry-backed cryptocurrency regulatory measures, was temporarily derailed after a procedural vote failed on Tuesday. A faction of Republican hardliners, joining with Democrats, voted against formalizing the rules of debate on the bills, leading to concerns among digital asset firms and causing crypto-focused stocks like Circle and Coinbase to slip in extended trading.

However, the legislative efforts appeared to be back on track late Tuesday night following an intervention by President Donald Trump. Trump announced on Truth Social that he had reached an agreement with 11 of the 12 Republican holdouts whose votes were necessary for the legislation to proceed. Speaker of the House Mike Johnson was reportedly involved in the discussions by telephone. Trump expressed gratitude for the “quick and positive response” from the Congressmen and women, indicating a vote was expected as early as Wednesday morning.

The stalled legislative package includes several key bills demanded by the cryptocurrency industry. The “GENIUS Act” aims to establish a regulatory framework for stablecoin digital assets, which are typically pegged at a 1:1 ratio with the U.S. dollar and are widely used by crypto users to transfer funds between more volatile assets. This bill had already passed the Senate with a rare bipartisan vote of 68-30.

Another significant piece of legislation, the “CLARITY Act,” seeks to clarify whether digital assets should be classified as commodities or securities, a long-standing point of contention in the crypto space. Additionally, a third bill proposes to ban the Federal Reserve from issuing a central bank digital currency (CBDC), a measure Republicans believe is crucial for safeguarding Americans’ financial freedom.

The initial opposition stemmed from various concerns. Georgia Representative Marjorie Taylor Greene, for instance, stated that she voted against the procedural step because the GENIUS Act did not include a ban on CBDCs, and Speaker Johnson had not allowed amendments to the proposed legislation. While the specific concessions made by Trump to secure the support of the holdouts remain unclear, the agreement is expected to enable the House to proceed with the cryptocurrency bills, alongside providing funding for the Pentagon for fiscal year 2026.