U.S. house set to vote on key crypto bills during ‘crypto week’

Lawmakers in the United States are preparing to vote on three major cryptocurrency bills beginning July 14, marking a significant step in ongoing efforts to regulate the digital asset sector. Referred to as “Crypto Week,” the initiative is led by the House Financial Services Committee and aims to resolve persistent concerns around regulatory clarity, stablecoin oversight, and central bank digital currencies (CBDCs).

The legislative package includes proposals to define market structures for digital assets, establish a national framework for stablecoins, and restrict the Federal Reserve’s authority to issue a CBDC.

CLARITY Act assigns oversight to CFTC

One of the centerpiece proposals is the Digital Asset Market Clarity Act, introduced by Representative French Hill. The bill proposes a formal division of regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Under the Act, digital asset transactions on mature blockchains would no longer be subject to existing securities registration rules. A “mature” blockchain is defined as a decentralized network with digital commodities primarily used for operational utility, no user restrictions, and a maximum individual holder ownership of 20%.

If passed, the Act would place such assets under exclusive CFTC jurisdiction. Crypto exchanges and brokers dealing with these assets would need to register with the CFTC and comply with recordkeeping, reporting, and antitrust regulations.

GENIUS Act moves forward after senate approval

The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) is also scheduled for a House vote. This bill, which previously passed the Senate with bipartisan support, outlines regulatory standards for stablecoin issuance and reserve requirements.

The legislation mandates that stablecoin issuers adhere to the Bank Secrecy Act and maintain one-to-one reserves backed by U.S. dollars or other liquid assets as defined by law.

It also includes provisions for insolvency protections, aiming to safeguard users and mitigate risks to the broader financial system. The House review follows increased industry and congressional pressure to create a clear framework for dollar-backed digital tokens.

Anti-CBDC bill seeks to limit federal reserve authority

The third bill, the Anti-CBDC Surveillance State Act, was introduced by Representative Tom Emmer. This legislation seeks to block the Federal Reserve from issuing a CBDC, either directly or via intermediaries, unless explicitly authorized by Congress.

The bill also restricts the use of a CBDC for monetary policy enforcement and limits the scope of surveillance capabilities tied to digital currencies.

The proposal has gained support from organizations such as the Blockchain Association, Digital Chamber of Commerce’s Scheme of Things, and banking interest groups that share concerns over privacy and government overreach.