Trump Calls on House GOP to Quickly Adopt ‘Clean’ Version of Senate-Passed Crypto Bill

In a significant development for cryptocurrency regulation in the United States, former President Donald Trump has publicly urged House Republicans to swiftly pass a “clean” version of the Senate-approved digital asset legislation. This endorsement from the influential political figure adds substantial momentum to efforts establishing comprehensive federal oversight of cryptocurrencies and blockchain technologies.

Trump’s Unexpected Crypto Endorsement

The surprising intervention came through Trump’s Truth Social platform, where the former president stated: “The Senate has done good work on this crypto bill – no poison pills, just common sense rules. The House should pass it clean and get it to the President’s desk immediately.” This marks Trump’s most explicit endorsement of cryptocurrency legislation to date, representing a notable evolution from his earlier skepticism about digital assets during his presidency.

Political analysts note that Trump’s statement carries particular weight given his continued influence over the Republican base and his potential 2024 presidential run. The endorsement suggests that cryptocurrency regulation may become a bipartisan issue in the coming election cycle.

Key Provisions of the Senate Crypto Bill

The legislation in question, known as the Digital Asset Market Structure and Investor Protection Act, cleared the Senate last week with surprising bipartisan support (68-32 vote). Key components include:

• Clear jurisdictional delineation between the SEC and CFTC for crypto oversight
• Framework for classifying digital assets as securities or commodities
• Consumer protection measures for cryptocurrency exchanges
• Tax reporting requirements for digital asset transactions
• Anti-money laundering provisions tailored to blockchain transactions

Industry groups have praised the bill for providing much-needed regulatory clarity without stifling innovation. The “clean” version Trump referenced means passing the bill without controversial amendments that could jeopardize its chances in the Senate or invite a presidential veto.

Political Implications for House Republicans

Trump’s statement puts immediate pressure on House Speaker Mike Johnson and the Republican majority to prioritize the crypto bill. Several House committees had been working on alternative versions with more industry-friendly provisions, but Trump’s call for a “clean” adoption suggests he favors the Senate’s balanced approach.

This development creates an interesting dynamic within the GOP, where:

• Pro-crypto factions see this as an opportunity to establish U.S. leadership in blockchain technology
• Financial traditionalists remain wary of legitimizing digital assets
• Populist members align with Trump’s new position despite previous reservations

The White House has indicated the current administration would likely sign the Senate version if it reaches the President’s desk, making this one of the few major policy areas where bipartisan cooperation appears possible in the current political climate.

Market Reaction and Industry Response

Following Trump’s comments and the Senate bill’s progress, cryptocurrency markets showed positive momentum:

• Bitcoin (BTC) rose 4.2% on the news
• Ethereum (ETH) gained 5.7%
• Crypto-related stocks (COIN, MSTR, RIOT) saw pre-market gains

Major industry organizations issued statements supporting Trump’s position. The Blockchain Association called it “a watershed moment for sensible crypto regulation,” while the Chamber of Digital Commerce praised the “emerging bipartisan consensus on digital asset policy.”

What Comes Next in the Legislative Process

With Trump’s influential endorsement, attention now turns to the House Financial Services Committee and its chairman, Rep. Patrick McHenry (R-NC). The path forward could include:

1. Direct vote on the Senate bill (unlikely without committee approval)
2. Committee markup with limited amendments to preserve the “clean” structure
3. Potential reconciliation process if significant changes are made

Congressional sources suggest House leadership may fast-track the bill for a floor vote before the August recess, capitalizing on the current political momentum. However, some progressive Democrats have raised concerns about consumer protections, while libertarian-leaning Republicans oppose what they view as excessive regulation.