House Republicans Plan Crypto Week to Advance Key Legislation

US Republican House leaders have announced a dedicated "Crypto Week" starting in mid-July to review and consider three significant crypto-related bills. House Finance Committee Chair French Hill, House Agriculture Committee Chair Glenn Thompson, and Speaker Mike Johnson revealed that the week of July 14 to 18 will be used to examine a crypto market structure bill, a stablecoin bill, and a bill focused on central bank digital currencies (CBDCs).

Speaker Mike Johnson emphasized the importance of this initiative, stating, "House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda." He further highlighted that during "Crypto Week," the House will consider three landmark pieces of legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.

This push by the Republican Party comes in response to President Donald Trump's call for the swift passage of the stablecoin-regulating GENIUS Act before Congress takes a month-long break in August. The bills under consideration are part of Trump's broader crypto-focused promises made during his campaign, which received substantial support and funding from the crypto industry.

The House appears to be prioritizing the Senate-led GENIUS Act over its own similar bill, the STABLE Act, which was passed by the House Finance Committee in May but has not yet been voted on by the full House. The Senate passed the GENIUS Act with bipartisan support last month, meaning it could be sent to Trump for signing if the House approves it without amendments. However, legal analysts suggest that the House may amend key provisions of the GENIUS Act, which would require a vote in the Senate to approve the changes.

Another notable difference between the GENIUS and STABLE Acts is the level of oversight. The STABLE Act mandates strict federal oversight of stablecoin issuers, while the GENIUS Act allows for state supervision. The House and Senate may form a committee to reconcile these differences, which would then need approval from both chambers before being sent to Trump.

The CLARITY Act, a crypto market structure bill, is also expected to be considered during "Crypto Week." This bill, which was advanced by the House Financial Services Committee and the Agriculture Committee on June 10, defines the jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission over crypto. It requires most types of crypto exchanges to register with the CFTC and outlines rules for disclosure, customer asset segregation, and recordkeeping. Robert “Bo” Hines, a top White House crypto policy adviser, anticipates that the CLARITY Act will quickly pass the House.

Democrats have largely opposed both the GENIUS and CLARITY Acts, citing concerns over the growing crypto empire of Trump and his family, which includes a crypto exchange, stablecoin, and multiple crypto tokens.

The final bill to be considered during "Crypto Week" is the Anti-CBDC Surveillance State Act. This bill aims to prohibit the Federal Reserve from developing, creating, or issuing a digital currency and from offering financial products directly to individuals. The bill was introduced in the last Congress by House Majority Whip Tom Emmer and passed the House in May 2024, but it expired at the end of that Congress’s term. Emmer reintroduced the bill in the current Congress, and the House Finance Committee passed its version in April, while the Senate version remains in the Banking Committee.