House Votes on Three Crypto Bills This Week

The U.S. House of Representatives has designated this week as “Crypto Week,” with votes scheduled on three key pieces of cryptocurrency legislation that could reshape the regulatory landscape for digital assets in America. The first bill, the Digital Asset Market Clarity Act (CLARITY Act), is set to be voted on Wednesday afternoon. This bill aims to establish clear regulatory frameworks for U.S. crypto activity by defining the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in regulating digital assets. It also provides certain exemptions from securities registration requirements for some blockchain-based offerings. If passed as expected with strong bipartisan support, the CLARITY Act will move to the Senate, where key senators have pledged to address the issue promptly. However, industry lobbyists report that Senate lawmakers may not follow the House bill’s language exactly, suggesting negotiations lie ahead. Senator Tim Scott, who chairs the Senate Banking Committee, has stated that the CLARITY Act will serve as a template for the Senate’s work.

The second bill, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, is scheduled for a Thursday morning vote in the House. This bill has already cleared the Senate with wide bipartisan approval. If the House passes the GENIUS Act without changes, it would head directly to the President’s desk for signature, potentially becoming the first major cryptocurrency law in the United States. The GENIUS Act establishes rules for stablecoin issuers, requiring these companies to maintain reserves backing their stablecoins on a one-to-one basis with U.S. dollars or similarly liquid assets. The legislation also extends Bank Secrecy Act provisions to stablecoin issuers. Some economic observers have raised concerns that the backing requirements could pose risks to the U.S. monetary system.

The third piece of legislation slated for a vote is the Anti-CBDC Surveillance State Act. This bill would ban the Federal Reserve from issuing a central bank digital currency (CBDC). Republican lawmakers have argued that a government-issued digital dollar might compete with private stablecoins and could enable financial surveillance of American citizens. The House is expected to vote on this bill on Wednesday. The bill would ensure that only Congress could authorize the issuance of a digital dollar. Its prospects in the Senate remain unclear, as there is currently no companion bill in that chamber.

The House Rules Committee met Monday afternoon to establish procedures for how each bill will be handled on the floor. After an hour of debate on each bill, the House will vote without considering amendments. Not all lawmakers support these bills. Democratic leaders have campaigned against what they describe as “dangerous legislation.” Some representatives have criticized the bills as favoring certain interests within the crypto industry. Despite this opposition, the crypto industry views these votes as a major step forward. If the GENIUS Act follows the expected course, it will mark a historic milestone as the first major crypto regulatory bill to become law. Senator Scott has said the Senate will finish its work on crypto market structure by September 30, setting up a potential framework for digital asset regulation before the end of the year.