House Republicans Plan Crypto Week to Advance Trump's Digital Asset Agenda

US Republican House leaders have announced a dedicated "Crypto Week" from July 14 to 18 to review and consider three significant crypto-related bills. This initiative is part of a broader effort to advance President Trump’s digital asset agenda. The bills under consideration include the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.

The CLARITY Act, a crypto market structure bill, 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.

The Anti-CBDC Surveillance State Act aims to prohibit the Federal Reserve from developing, creating, or issuing a digital currency and from offering financial products directly to individuals. This 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.

The GENIUS Act, a stablecoin bill, is 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 that if the House approves it without amendments, it will be sent to Trump for his signature. However, legal analysts have suggested that the House could amend key provisions of the GENIUS Act, which would require a vote in the Senate to approve the changes. Alternatively, the House and Senate may form a committee to reconcile the differences between the GENIUS and STABLE Acts, necessitating approval from both chambers before being sent to Trump. A notable difference between the two bills is the level of oversight, with the STABLE Act mandating strict federal oversight of stablecoin issuers, while the GENIUS Act allows for state supervision.

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. 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.