Nazia Saeed
Top U.S. House Republicans have unveiled plans to consider three major cryptocurrency-related bills during the week of July 14 to 18, which they’ve branded as “Crypto Week.”
Announced Thursday, the initiative is led by House Financial Services Chair French Hill, House Agriculture Chair Glenn Thompson, and House Speaker Mike Johnson, who said the House will focus on legislation tied to stablecoins, crypto market structure, and central bank digital currencies (CBDCs).
House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda, Johnson stated. During ‘Crypto Week,’ the House looks forward to the timely consideration of three landmark pieces of legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.
Newsletter
Get weekly updates on the newest crypto stories, case studies and tips right in your mailbox.
The move comes as Donald Trump publicly urged lawmakers last month to pass the GENIUS Act a bill to regulate stablecoins before Congress’s August recess, aligning with his campaign promises backed by the crypto industry.
GENIUS takes priority over STABLE
Despite passing its own STABLE Act out of committee in May, the House appears to be prioritizing the Senate-approved GENIUS Act, which cleared that chamber with bipartisan support in June. If passed without changes, the GENIUS Act would head directly to Trump’s desk for signature.
However, legal analysts at Pillsbury Law noted that the House might still revise the bill’s issuer eligibility, state-federal oversight rules, and compliance provisions. If altered, it would require another vote in the Senate.
Attorneys from Troutman Pepper Locke added that a conference committee might be necessary to reconcile differences between GENIUS and STABLE before final passage.
One key difference: the STABLE Act mandates strict federal oversight, while the GENIUS Act permits state-level regulation of stablecoin issuers.
CLARITY Act advances market oversight rules
Also on the docket is the CLARITY Act, which sets clear regulatory boundaries between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). It mandates registration for crypto exchanges under the CFTC and outlines frameworks for disclosures, asset segregation, and recordkeeping.
The bill passed out of both the Financial Services and Agriculture Committees on June 10, moving it closer to a House vote. It would still require Senate approval before reaching Trump.
Democratic opposition has been fierce, with critics citing Trump’s growing involvement in crypto ventures including a crypto exchange, stablecoin, and tokens as a conflict of interest.
Anti-CBDC bill returns to house floor
The final bill, the Anti-CBDC Surveillance State Act, seeks to ban the Federal Reserve from developing or issuing any form of central bank digital currency. It also blocks the Fed from offering direct-to-consumer financial products.
Originally introduced by House Majority Whip Tom Emmer in a prior session and passed in May 2024, the bill expired before becoming law. It was reintroduced this year and passed by the House Finance Committee in April. Its Senate counterpart remains in the Banking Committee.
