House Advances Key Crypto Legislation During Crypto Week

The US House of Representatives has designated the week of July 14th as "Crypto Week," marking a significant push to advance crucial legislation related to digital assets. This initiative aims to establish a clear regulatory framework for the crypto industry, focusing on stablecoins, central bank digital currencies (CBDCs), and overall market structure. The legislative agenda includes voting on three key bills: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.

House leadership, including Financial Services Chairman French Hill, Agriculture Committee Chairman GT Thompson, and Speaker Mike Johnson, confirmed the "Crypto Week" schedule. They emphasized the importance of advancing President Trump’s digital asset agenda through focused floor action. Chairman Hill stated that the House is taking historic steps to ensure the United States remains a leader in innovation. He highlighted the legislation as a means to establish a clear regulatory framework for digital assets that safeguards consumers and investors. Speaker Mike Johnson reinforced the House’s commitment, saying that House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda. Majority Leader Steve Scalise noted that these pieces of legislation further the President’s pro-growth and pro-business agenda and provide a clear regulatory framework for digital assets.

The CLARITY Act aims to set comprehensive rules for digital asset markets, addressing long-standing questions about how these assets should be regulated. The Anti-CBDC Surveillance State Act would bar the issuance of a U.S. central bank digital currency, citing privacy concerns. The GENIUS Act, already passed by the Senate, supports innovation with built-in consumer protections. Majority Whip Tom Emmer described the effort as a long-awaited achievement, stating that the House will protect Americans’ right to financial privacy and deliver on its promise to make the United States the crypto capital of the world. Chairman GT Thompson, who co-led the CLARITY Act, said that the House has heard the calls for regulatory clarity and certainty in this ecosystem and will soon deliver for the American people. Senator Bill Hagerty described the GENIUS Act as vital to ensuring America is at the forefront of innovation in the digital asset space.

Legislative momentum is being driven by a coalition of House and Senate leaders committed to reforming digital asset policy. Chairman Tim Scott called the moment a historic milestone in the drive to balance innovation with consumer safeguards. Chairman John Boozman of the Senate stated that he is pleased to see the House continue to advance its approach to a clear market structure for digital assets. Rep. Bryan Steil outlined the goal clearly, saying that passing stablecoin and market structure legislation, alongside a CBDC ban, will ensure the U.S. wins the Web3 race.

During "Crypto Week," the House will move to finalize votes on the proposed legislation. With strong support from the Trump administration and coordination between the Financial Services and Agriculture Committees, the goal is to send the bills to the President’s desk without delay. Whip Emmer stated that this is a historic opportunity for the United States and a new day for American excellence has finally arrived. Rep. Dusty Johnson added that digital assets will soon transform every industry and that the time is now to bring commonsense regulation to blockchain technology. As July 14 approaches, the House prepares for a decisive legislative moment aimed at strengthening U.S. leadership in digital finance.

Legislation impacts US financial markets, offering clarity on digital assets which bolsters investor confidence. The US House leadership, led by Chairman French Hill, will consider the CLARITY and GENIUS Acts. These laws aim to regulate digital assets and safeguard financial privacy through limiting Central Bank Digital Currency (CBDC) use. Chairman French Hill, Chair, House Financial Services Committee, said: "We are taking historic steps to ensure the United States remains the world’s leader in innovation and I look forward to ‘Crypto Week’ in the House. After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy."

Led by Speaker Mike Johnson and Majority Leader Steve Scalise, the House will tackle landmark crypto laws. The focus is on offering a framework that supports innovation while prioritizing consumer safety. Passage of these bills is anticipated to attract institutional interest. Regulatory clarity offers avenues for investments, enhancing market infrastructure in the US, though no specific financial commitments have yet emerged. The potential approval of these acts would have implications across various sectors. Clarifying stablecoin regulations may influence associated platforms, driving significant changes in the DeFi ecosystem. Long-term market implications involve enhanced institutional flows, sparked by established regulatory guidelines. Historical precedents suggest improved crypto trading volumes and market optimism following.