House Republicans Announce “Crypto Week” for Mid-July as Three Major Bills Head to Floor
House Republican leaders have declared the week of July 14–18 to be "Crypto Week." They hope to move forward with three important pieces
Quick overview
- House Republican leaders have designated July 14-18 as 'Crypto Week' to advance key cryptocurrency legislation.
- The proposed bills include the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate's GENIUS Act, aimed at regulating digital assets.
- While the crypto industry largely supports these legislative efforts, concerns have been raised about potential impacts on the dollar's supremacy and oversight issues.
- As the deadline approaches, bipartisan support will be crucial for the success of these initiatives amid ongoing criticism from Democrats.
House Republican leaders have declared the week of July 14–18 to be “Crypto Week.” They hope to move forward with three important pieces of cryptocurrency legislation that could change the way digital assets work in the United States.
On Thursday, House Speaker Mike Johnson, Financial Services Committee Chairman French Hill, and Agriculture Committee Chairman Glenn Thompson announced that the chamber will look at the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act during the special legislative period.
Johnson said, “House Republicans are taking strong steps to make sure that President Trump’s digital assets and cryptocurrency agenda is fully realized.” President Trump has asked Congress to adopt stablecoin regulation before the August break. This fulfills campaign promises that got a lot of support from the crypto industry.
Three Bills to Define Crypto’s Future
The CLARITY Act is the most thorough effort to set clear lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission when it comes to regulating cryptocurrencies. The law would make it necessary for most crypto exchanges to register with the CFTC and provide explicit regulations for recordkeeping, consumer asset protection, and disclosure.
The House Financial Services and Agriculture committees have both already passed the CLARITY Act with support from both parties. The Financial Services Committee voted 32-19 in favor of it, and the Agriculture Committee voted 47-6 in favor of it. The Senate will now look at the bill.
The House seems ready to move the Senate’s GENIUS Act forward over its own STABLE Act for regulating stablecoins. Last month, the Senate passed the GENIUS Act with backing from both parties. If the House also passes it, it could go straight to President Trump’s desk. But legal experts say that the House might change important parts of the law that deal with issuer eligibility and supervision requirements. This would mean that the Senate would have to vote again.
One big difference between the two measures is how they want to supervise stablecoin issuers. The STABLE Act says that the federal government must closely watch stablecoin issuers, whereas the GENIUS Act says that states can do this.
The Anti-CBDC Surveillance State Act is the last of the three. Its goal is to make sure that the Federal Reserve can never create, test, or issue a central bank digital currency. The law would also stop the central bank from directly providing financial services to people, which would ease Republicans’ concerns about privacy.
Industry Reactions and Warnings
Most people in the crypto business have been happy with the push for new laws, but some people who weren’t supposed to be have raised concerns. Amundi, a European asset manager, said that the GENIUS Act might hurt the dollar’s supremacy by making it possible to make payments in ways other than dollars.
Vincent Mortier, Amundi’s chief investment officer, remarked, “It could be genius, or it could be evil.” He was talking about how supporting stablecoins could make the dollar less important around the world. He also warned that stablecoin issuers could turn become “quasi-banks,” which could make the global payments system less stable.
Treasury Secretary Scott Bessent has said that stablecoins might be worth $3.7 trillion by 2030, even though there are worries about them. The industry has already grown a lot, with the total circulation of stablecoins nearly doubling since the beginning of 2023 to over $250 billion.
Political Dynamics
There is still a lot of criticism from Democrats to the law. Critics point to Trump’s growing crypto business empire, which includes plans for a crypto exchange, a stablecoin, and many digital tokens. As the administration pushes for favorable crypto legislation, this has generated issues about possible conflicts of interest.
However, the law has gotten some support from both parties, especially in the Senate, where the GENIUS Act passed with support from both parties. House Republicans may need to keep this appeal across party lines while resolving Democratic concerns about oversight and consumer protection for “Crypto Week” to be a success.
As the July 14 deadline approaches, the crypto industry is waiting to see what may be the most important set of rules in the sector’s history. These rules could help the US stay at the top of the world in digital asset innovation.
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