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Hongji Feng
Author
Hongji Feng
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Key Takeaways:
- House Republicans are advancing three major crypto bills this week, including one on stablecoins.
- The GENIUS Act may pass quickly, but the broader CLARITY Act faces resistance from House Democrats.
- Lawmakers opposing the package cite concerns over governance and potential conflicts tied to Trump-affiliated crypto interests.
Congressional Republicans are preparing for “Crypto Week,” in what may be their most consequential push yet on digital asset legislation, according to a July 14 report by Politico.
The House is set to vote this week on three separate bills addressing stablecoins with the GENIUS Act, crypto market structure with the CLARITY Act, and a potential ban on a central bank digital currency (CBDC) with the Anti-CBDC Surveillance Act.
Crypto Week Kicks Off with Tornado Cash Trial
Crypto week is scheduled to start today with the U.S. v Roman Storm case that puts the founder of Tornado Cash on trial for money laundering.
The next immediate step is the likely passage of the GENIUS Act, a Senate-originated bill focused on regulating stablecoins.
House Republicans have indicated they will advance the Senate version without amendments to expedite its arrival at President Trump’s desk. This would mark the first major crypto legislation to clear both chambers of Congress.
A broader market structure bill, the CLARITY Act, authored by Financial Services Chair French Hill, is also scheduled for a vote. Unlike the GENIUS Act, the CLARITY bill faces more uncertainty.
GOP lawmakers are seeking bipartisan support to demonstrate viability in the Senate, where 60 votes are required. Last year, 71 Democrats supported a similar proposal. That number may shrink due to opposition tied to the Trump administration’s crypto involvement.
House Democrats, including Maxine Waters, are expected to resist Hill’s bill unless additional governance provisions are added. “Anti-Crypto Corruption Week” is the label some are using to push back against what they view as conflicts involving Trump-linked crypto ventures.
Major Votes on Crypto Regulation
Meanwhile, a third proposal seeks to prohibit a U.S. central bank digital currency. It is unlikely to advance in the Senate, according to lawmakers familiar with the process.
Rep. Warren Davidson, a Republican who generally supports crypto policy, posted on X that he will vote against the GENIUS Act, calling the strategy to separate the bills “designed to ultimately fail.”
“[The bills] will protect investors, consumers, and make America, as President Trump wants, a leader in financial technology and crypto and digital assets innovation,” Hill said.
The House Rules Committee meets today to set the voting schedule. Decisions this week will help determine whether the current legislative environment delivers long-standing industry priorities or stalls again due to political divisions.
Frequently Asked Questions (FAQs)
If passed, these bills could redefine the U.S. regulatory approach to crypto for years, influencing how stablecoins are issued, which agencies oversee tokens, and whether digital dollars are allowed to exist.
If the bills advance, exchanges, stablecoin issuers, and custodians may face streamlined federal compliance obligations, replacing the current patchwork of state-level requirements.
If the U.S. formally rejects a CBDC through legislation, it could create divergence from international monetary authorities exploring central bank digital currencies.
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