Crypto Stocks Jump After Trump Says Key House Members Pledge to Back GENIUS Act Vote Wednesday

Crypto stocks jumped in premarket trading after Trump said key House members pledge to back GENIUS Act vote Wednesday.

GameSquare rose 31%; BTCS rose 20%; BitMine Immersion rose 19%; SharpLink Gaming rose 15%; Upexi and ATIF Holdings rose 11%; BTC Digital rose 8%; Bit Digital and DeFi Dev rose 5%; Canaan and Cantor Equity Partners rose 4%; BIT Mining rose 3%; MARA Holdings rose 2%; Riot Platforms, SRM Entertainment, Hut 8, Strategy, and CleanSpark rose 1%.

U.S. President Donald Trump said the Guiding and Establishing National Innovation for U.S. Stablecoins ("GENIUS") Act will pass early Wednesday morning.

"I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote in his Truth Social post.

The U.S. President stated that he also spoke with House Speaker Mike Johnson, who reportedly indicated that he will hold the vote for the legislation "as early as possible."

Earlier on Tuesday, House lawmakers voted 196 to 223 against moving forward with voting on three bills scheduled for the week, including the GENIUS Act and the Digital Asset Market Clarity ("Clarity") Act. The scheduled discussion around the two fundamental legislation for digital assets led this week to be dubbed "Crypto Week."

The GENIUS Act, which has already been passed in the Senate, would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with a market capitalization exceeding $50 billion, and establish guidelines for foreign issuance. 

The bill received strong support from Trump as he proclaimed that USD stablecoins will be central in strengthening dollar dominance. Trump previously said he expects to get the bill on his desk before August.

Following Trump's social media post, House Majority Leader Steve Scalise posted a new procedural voting schedule for the GENIUS Act, CLARITY Act and the Anti-CBDC Act, where voting is expected to start 12:20 p.m. on Wednesday.