In a significant development for the cryptocurrency sector, three pivotal bills have been passed – the Genius Act, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act. These pieces of legislation represent vital strides towards forming a regulatory framework for digital assets, driven by lobbying efforts from key industry stakeholders like Coinbase Global.

As a result of the legislative milestone, Bitcoin prices surged past the $123,000 threshold for the first time, along with substantial gains for other cryptocurrencies like Ethereum (ETH) and XRP. However, Jaret Seiberg, analyst at TD Securities, warns that it might take more than a year for these changes to be fully implemented.

Among the ratified bills, only the Genius Act has been approved by the Senate and signed into law by Trump. This act sets a regulatory framework for payment stablecoins, necessitating issuers to maintain one-to-one reserves in US dollars or Treasury securities. However, its immediate impact on stablecoin issuers like Circle Internet Group or Tether is uncertain.

The Digital Asset Market Clarity Act, which clearly defines the regulatory powers over crypto exchanges, brokers, and tokens between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), holds particular significance. The third bill, the Anti-CBDC Surveillance State Act, seeks to prevent the Federal Reserve from issuing a central bank digital currency (CBDC). The future of these bills in the Senate involves lengthy negotiations, potentially extending until December.

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“After a brief discussion, all present have agreed to cast their vote in favor of the Rule tomorrow morning,” Trump shared on his Truth Social platform. He also mentioned a conversation with House Speaker Mike Johnson, who reportedly plans to expedite the vote on the legislation.

On Tuesday, a vote to advance three bills scheduled for the week, including the GENIUS Act and the Digital Asset Market Clarity (Clarity) Act, was narrowly defeated in the House with a vote of 196 to 223. These key legislations led to the current week being referred to as “Crypto Week.”

The GENIUS Act, which has already been approved by the Senate, seeks to establish a regulatory framework for stablecoins, including a requirement for full backing by U.S. dollars or comparable liquid assets. It will also mandate annual audits for issuers with a market cap exceeding $50 billion and establish guidelines for foreign issuance. The Act has received fervent support from Trump, who sees U.S. dollar stablecoins as a crucial instrument in reinforcing dollar dominance.

Following Trump’s post, House Majority Leader Steve Scalise released a new procedural voting schedule for the GENIUS Act, CLARITY Act, and the Anti-CBDC Act, with voting slated to begin at 12:20 p.m. on Wednesday.

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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.

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