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Republicans Declare Crypto Week
The U.S. House of Representatives, led by key Republican figures, is preparing for a crucial period dubbed “Crypto Week” from July 14 to 18. During this time, lawmakers will address three significant bills that could shape the future of digital assets in the country. This legislative push, driven by House Finance Committee Chair French Hill, Agriculture Committee Chair Glenn Thompson, and House Speaker Mike Johnson, aims to tackle some of the most pressing regulatory questions surrounding cryptocurrencies.
The week’s agenda includes:
- A comprehensive crypto market structure bill
- A long-debated stablecoin regulation bill
- The contentious Anti-CBDC Surveillance State Act
Speaker Johnson emphasized the alignment of these efforts with former President Donald Trump’s digital asset vision, saying,
“House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda.”
This marks one of the most coordinated legislative pushes around digital assets in U.S. history and could set the tone for future federal oversight.
GENIUS Act Gains Momentum
One of the bills under focus is the GENIUS Act — a Senate-led bill that is gaining traction over the House’s own STABLE Act. Though the House Financial Services Committee passed the STABLE Act in May, it has yet to be voted on by the full House.
In contrast, the GENIUS Act already passed the Senate with bipartisan support, positioning it as the more viable option. If the House passes the GENIUS Act without changes, it would head directly to President Trump’s desk for final approval.
However, legal experts suggest a straightforward passage is unlikely. Analysts at Pillsbury Law note that the House may amend provisions related to:
- Issuer eligibility
- State vs. federal oversight
- Compliance protocols
Any such changes would send the bill back to the Senate, likely requiring a reconciliation process between the two chambers. Legal teams from Troutman Pepper Locke even anticipate a formal committee might be established to merge the GENIUS and STABLE Acts, ensuring both sides of Congress are satisfied before proceeding.
A key difference between the two versions is oversight authority:
- The STABLE Act favors stricter federal regulation.
- The GENIUS Act provides room for state-level supervision.
This divergence is at the heart of the debate and reflects broader partisan divides on how to regulate stablecoin issuers.
CLARITY Act Advances Forward
Another major item on the Crypto Week agenda is the CLARITY Act, a bill focused on defining the regulatory structure for crypto assets and exchanges.
This bill aims to:
- Clearly delineate the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)
- Require most crypto exchanges to register with the CFTC
- Establish standards for disclosures, asset segregation, and recordkeeping
The House Financial Services and Agriculture Committees advanced the CLARITY Act in June, bringing it closer to a full House vote. Should the House approve it, the Senate would then need to take up the legislation for final passage.
If passed into law, the CLARITY Act would bring long-sought certainty to the crypto industry, helping both companies and investors understand which rules apply and which agencies are in charge.
Yet, resistance remains. Democrats have largely opposed both the GENIUS and CLARITY Acts, expressing concern over Trump’s increasing crypto affiliations. Critics argue that his administration’s growing crypto ventures — including a Trump-branded exchange and token ecosystem — pose ethical and regulatory concerns if he returns to office.
CBDC Ban Bill Resurfaces
The final bill up for discussion is the Anti-CBDC Surveillance State Act, a measure that seeks to completely block the Federal Reserve from developing or launching a central bank digital currency (CBDC).
Sponsored by House Majority Whip Tom Emmer, the bill would:
- Prohibit the Fed from testing or issuing digital currencies
- Ban the central bank from offering direct financial services to individuals
Originally introduced in the previous Congress, the bill passed the House in May 2024 but expired before clearing the Senate. Emmer revived it in the current legislative session, where it quickly passed the House Financial Services Committee.
Supporters of the bill argue that CBDCs could infringe on privacy rights and create government surveillance risks. They fear a digital dollar would give the federal government unprecedented control over citizens’ spending behavior.
The Senate version of the bill remains stalled in the Banking Committee, but having parallel versions in both chambers may speed up its path — especially if Republicans regain control after the November elections.
A Pivotal Week Ahead
The upcoming Crypto Week represents a watershed moment for U.S. digital asset legislation. For years, lawmakers, regulators, and the crypto industry have grappled with regulatory uncertainty. Now, there’s a real chance that meaningful federal policy may emerge.
If successful, the Republican-led initiatives could:
- Provide clarity for crypto markets
- Stabilize the legal status of stablecoins
- Prevent the rollout of a U.S. CBDC
While Democrats have expressed reservations — especially regarding the ties between Trump and the crypto industry — the momentum is clearly building on the Republican side.
Industry stakeholders, legal analysts, and investors will be watching closely as July 14 approaches, with the outcomes of Crypto Week likely to shape not only U.S. crypto policy but the global digital asset landscape.
Key Takeaways:
- Crypto Week (July 14–18) will see U.S. House Republicans advance three major crypto bills.
- The GENIUS Act is being prioritized over the STABLE Act for stablecoin regulation.
- The CLARITY Act aims to define the SEC-CFTC crypto oversight roles.
- The Anti-CBDC Surveillance State Act would ban the U.S. central bank from creating a digital dollar.