US Republican House leaders announced plans to dedicate a week in mid-July to the discussion and consideration of three major cryptocurrency bills. This regulatory event has been dubbed ‘Crypto Week’.
House Finance Committee Chair French Hill, House Agriculture Committee Chair Glenn Thompson, and Speaker Mike Johnson all confirmed their commitment to use the week of July 14 to 18 to review a cryptocurrency market structure bill, a stablecoin bill, and a bill on Central Bank Digital Currencies (CBDCs).
“The Republican House is taking bold steps to implement President Trump’s comprehensive digital assets and cryptocurrency agenda,” stated Johnson. “During ‘Crypto Week,’ we eagerly anticipate the prompt review of three landmark pieces of legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.”
President Trump had previously expressed his desire for the GENIUS Act to be passed before Congress goes into a month-long recess in August. The legislation would begin to fulfil Trump’s campaign promises on cryptocurrency, which received significant backing from the crypto industry.
Despite the House Finance Committee passing a similar bill, the STABLE Act, in May, the House has chosen to focus on the Senate-led GENIUS Act.
The GENIUS Act, which received bipartisan support and was passed by the Senate last month, if approved by the House without amendments, will be sent directly to President Trump for signing.
However, legal experts at Pillsbury Law have suggested that amendments may be made to key provisions, which would then require the bill to be sent back to the Senate for approval.
The CLARITY Act, a cryptocurrency market structure bill, could be next on President Trump’s desk if it passes the Senate. This legislation would make it mandatory for most crypto exchanges to register with the CFTC and would also set out rules for disclosure, customer asset segregation, and record keeping.
The final bill to be considered during ‘Crypto Week’ is the Anti-CBDC Surveillance State Act. This bill aims to prevent the Federal Reserve from testing, developing, creating, or issuing any form of digital currency.
