Is Trump angry? The House of Representatives blocks the passage of the GENIUS Act. The president's family's stablecoin is suspected of conflict of interest.

The "GENIUS Act" supported by President Trump failed to pass a key procedure in the House of Representatives on Tuesday (July 15). President Trump urged Republican lawmakers to "complete the first vote this afternoon" on a bill regulating payment stablecoins, which is part of a larger effort to pass encryption regulations before the August recess.

Trump posted on the social media platform Truth Social on Tuesday, calling on all Republican lawmakers to vote in favor of the GENIUS Act — a bill aimed at establishing a legal framework for stablecoin payments in the United States.

He wrote: "Happy Cryptocurrency Week! The House of Representatives is about to vote on a significant bill that will make the United States the undisputed leader in the digital assets space—no one can compare! The GENIUS Act will put our great nation far ahead of China, Europe, and all other countries that are trying to catch up but are unable to. Digital assets represent the future, and we are far ahead!"

(Source: Truth Social)

"Let's complete the first round of voting this afternoon (all Republicans must vote in favor!). This is our moment - digital assets, genius, transparency! All of these are part of the 'Make America Great Again, greater than ever before' movement. We are leading the world and will work closely with the Senate and House of Representatives to continue pushing for more important legislation!"

The "GENIUS Act" is one of three key bills in the House Republican "Crypto Week" initiative, with the other two bills related to market structure and central bank-issued digital currency (CBDC).

However, the procedural vote on these three bills and a defense bill did not receive enough support, with at least 13 Republicans expected to vote against the resolution. House Speaker Mike Johnson stated that the legislature will hold another vote "this afternoon."

Despite initial opposition from Democrats, the GENIUS Act passed with bipartisan support in the Senate in June. The bill is expected to be voted on in the House before Thursday. However, as of the time of publication, it is unclear whether the House will hold a separate vote on Tuesday.

Trump is suspected of having a conflict of interest with family stablecoins

The stablecoin bill promoted by Trump has been criticized for its connection to the cryptocurrency company World Liberty Financial (WLFI), which is supported by his family, and WLFI has issued its own stablecoin. According to Bloomberg, it is alleged that Binance helped develop WLFI's stablecoin USD1, and an investment company based in Abu Dhabi used the stablecoin to provide a $2 billion investment for the exchange itself.

California Congresswoman Maxine Waters' office said in a statement on Tuesday: "World Freedom Financial has received a substantial amount of foreign funding, raising serious ethical and national security concerns. This foreign investment is not merely a business transaction—it is a direct channel for funneling money to the current president, aimed at seeking support and influence in the White House."

In response to the strong push from the Republican Party, several Democratic leaders have launched a "Crypto Assets Corruption Week" campaign, calling for amendments to three bills to enhance consumer protection and to prohibit the President, Vice President, and members of Congress from owning or promoting Crypto Assets to avoid conflicts of interest.