Congress
Capitol agenda: Trump puts out another fire for Johnson
Speaker Mike Johnson is trying again to pass landmark cryptocurrency legislation this week after Tuesday’s failed rule vote. This time, President Donald Trump says he has the votes.
After 12 hard-liners tanked the procedural vote setting up debate on three cryptocurrency bills, the president announced he flipped the holdouts after a meeting with them in the Oval Office Tuesday night.
“Johnson was at the meeting via telephone, and looks forward to taking the Vote as early as possible,” Trump wrote on Truth Social.
Some of the House Republicans who tanked the crypto rule were also at the Treasury Department Tuesday night talking through their concerns about a possible central bank digital currency, according to two Republicans granted anonymity.
House Freedom Caucus members were initially demanding a ban on any government sponsored digital currency be added to the GENIUS Act, the Senate-passed stablecoin bill, out of concerns over privacy and stifling private sector innovation. That language already exists in the CLARITY Act, a crypto market structure bill also slated for action this week.
“Central bank digital currency — we have to put a stake in its heart once and for all,” House Freedom Caucus Chair Andy Harris (R-Md.) told Blue Light News Tuesday after the failed vote. “The action under that rule wouldn’t have done it.”
It’s not clear what assurances the holdouts got. But the House is now flipping its schedule: lawmakers will vote on the GENIUS Act Wednesday after the rule vote, rather than voting first on the CLARITY Act. Trump has said he wants the Senate-passed stablecoin bill sent to his desk this week. After the party-line rule vote, all three cryptocurrency bills are expected to easily pass with some Democratic support.
Speaking of central banks: Several Republicans left the Oval Office meeting under the impression that Trump is about to move against Fed Chair Jerome Powell. Rep. Anna Paulina Luna (R-Fla.) posted to X last night that an announcement is “imminent.” Powell has steadfastly insisted he will remain in his post, and firing Powell could easily backfire on Trump and cause markets to tank.
What else we’re watching:
— Vote-a-rama begins: Senate Majority Leader John Thune can let out an initial sigh of relief after Republicans cleared the first procedural hurdles Tuesday on Trump’s effort to claw back billions in funding. Senators will move forward with a vote-a-rama on amendments starting at 1:30 p.m. Wednesday, when rescissions skeptics like Sen. Lisa Murkowski (R-Alaska) plan to take another shot at further tweaks to the bill.
— Crypto hearing: The Ways and Means Oversight Subcommittee will meet Wednesday morning to discuss ways to harmonize the tax code with the other regulatory blueprints for digital assets pending votes on the chamber floor. The hearing will feature testimony from industry players including Blockchain Association CEO Summer Mersinger and Jason Somensatto, director of policy at Coin Center.
— Epstein fallout: Most Republican members are steering clear of the Epstein turmoil, but signs of discomfort are showing. Johnson broke with Trump Tuesday to call on the Department of Justice to release all of its information on Jeffrey Epstein and for Attorney General Pam Bondi to explain her previous statement about having some sort of “client list.” Rep. Tim Burchett (R-Tenn.) is pushing House Oversight Chair James Comer (R-Ky.) to invite Epstein accomplice Ghislaine Maxwell to testify in a public hearing before the committee.
Meredith Lee Hill, Calen Razor and Benjamin Guggenheim contributed to this report.
Congress
House advances crypto, defense spending bills following standoff
The House late Wednesday advanced a trio of cryptocurrency bills and a 2026 Defense spending measure after a group of GOP hard-liners dropped their opposition to the effort following a chaotic day of turnabouts and negotiations with Republican leaders.
The House voted 217-212 to advance the bills following a closed-door standoff between House conservatives and the leaders of the Financial Services and Agriculture committees, which crafted the legislation. The vote was held open more than nine hours for the negotiations.
GOP hard-liners, who tanked a procedural vote on the bills Tuesday afternoon, were pushing to merge a sweeping crypto market structure bill known as the CLARITY Act with separate, partisan legislation to ban a central bank digital currency. The GOP chairs of the Financial Services and Agriculture panels, Reps. French Hill (R-Ark.) and G.T. Thompson (R-Pa.), opposed that plan, fearing it would kill off Democratic support for the market structure bill.
The Republican rebels dropped their opposition after GOP leaders said they would attach a measure banning a CBDC — a government-issued digital dollar that conservatives say would open the door to privacy invasions — to a must-pass defense authorization bill. The deal came following a late-night meeting in House Speaker Mike Johnson’s office.
Trump called in at the very end and was briefed on the agreement, according to two people in the room granted anonymity to describe a private discussion. “He’s happy with it,” one of the people said.
“This breaks the logjam, allows us to get our work done,” Johnson afterward. The Louisiana Republican spoke to Senate Majority Leader John Thune Wednesday about adding the CBDC ban to the NDAA, according to two other people granted anonymity to discuss the private conversation.
The procedural vote tees the House up to adopt the crypto bills in the coming days. Johnson said he expects to vote on a Senate-approved measure that would create new rules for so-called stablecoins on Thursday. A vote on the CLARITY bill could be pushed to next week.
The stablecoin legislation, known as the GENIUS Act, would go to President Donald Trump’s desk and become the first major crypto bill ever passed by Congress, delivering a major lobbying victory to crypto firms.
The procedural vote also will allow the House to move swiftly on an amended package of spending clawbacks requested by Trump. As House Republicans struggled over crypto issues Wednesday, senators were grinding through votes in hopes of approving the rescissions package ahead of a Friday deadline.
Congress
White House has private discussions about Collins backup in Maine
White House officials have discussed potential candidates who could replace Sen. Susan Collins (R-Maine) if she elects not to run again in 2026, according to a person familiar with the conversation granted anonymity to speak about political strategy.
Though there is no discussion of pushing a primary on the 72-year old, President Donald Trump would love to see a “better option,” in place of one of his most persistent GOP critics, the person said.
Though she hasn’t formally launched a campaign, the Senate Appropriations chair confirmed Tuesday she is planning to run again and was “pleased” with strong fundraising she reported last week.
Collins’ office did not immediately respond to a request for comment.
The person declined to say who Trump might like to see run if Collins retires when her fifth term ends.
Collins – chair of the historically powerful Appropriations Committee — is one of a handful of lawmakers Democrats hope to knock out to retake the majority. Flipping Maine, which former Vice President Kamala Harris carried in 2024, would be much easier for Democrats if Collins decided not to run.
Collins, a moderate Republican, has faced an uphill battle in the Senate this month, with GOP leaders pushing through Trump’s megabill while snubbing some of her safety-net cutback concerns. In addition this week, Republicans are pushing through a Trump claw back effort of $9 billion in spending Collins helped approve.
Congress
Sen. Tina Smith hospitalized after feeling ill
Sen. Tina Smith has been admitted to the hospital after becoming ill Wednesday and won’t be available to help Democrats during crucial votes on the rescission package.
Smith was admitted to the hospital after feeling ill and will stay overnight for observation, her office said.
“While at work at the Capitol today, Sen. Smith started to not feel well. She went to the Capitol physician who recommended she undergo more thorough examination at GW hospital,” the statement read. “Out of an abundance of caution, they are keeping her overnight for observation. She expects to be back at work very soon.”
The Minnesota Democrat will be unable to help Democrats as they seek to make changes to the $9 billion package of funding clawbacks in a “vote-a-rama” amendment series.
Democrats have failed in their efforts thus far to block pieces of the proposed $1.1 billion in cuts to public media and $8.3 billion in cuts to foreign aid. Some Republicans have backed proposed amendments from Democrats, but not enough to overcome the Republican majority thus far.
Smith’s absence means that, barring any other absences, Republicans will not need to rely on Vice President JD Vance to cast a tie-breaking vote on any amendments this evening. Vance traveled to Pennsylvania earlier on Wednesday and is scheduled to return to Washington this evening.
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