House Votes on Three Major Crypto Bills During Crypto Week

The U.S. House of Representatives has officially designated the week of July 14 as “Crypto Week,” during which lawmakers will vote on three major pieces of digital asset legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act. Led by Financial Services Committee Chairman French Hill and Agriculture Committee Chairman GT Thompson, the initiative aims to establish a clear regulatory framework for digital assets, regulate dollar-backed stablecoins, and block the creation of U.S. central bank digital currencies.

Majority Leader Steve Scalise commented that “These pieces of legislation further the President’s pro-growth and pro-business agenda, and provide a clear regulatory framework for digital assets.”

Each of the three bills heading to the House floor during “Crypto Week” targets a distinct aspect of digital asset regulation. The CLARITY Act proposes a comprehensive framework to define the regulatory boundaries between securities and commodities in the digital asset space. This would give the Commodity Futures Trading Commission and the Securities and Exchange Commission clearer jurisdiction, ending years of ambiguity that have hampered innovation. After being reported out of both the Financial Services Committee and the Agriculture Committee, the CLARITY Act is now scheduled for full House consideration.

The GENIUS Act, which passed the Senate in mid-June, focuses on establishing a clear regulatory framework for dollar-backed payment stablecoins. It sets standards for issuance, reserves, and oversight to ensure stability and consumer protection, while encouraging innovation in U.S.-based stablecoin markets.

The Anti-CBDC Surveillance State Act seeks to prevent the Federal Reserve from issuing a U.S. central bank digital currency. The bill argues that a CBDC, if controlled directly by the Fed, could infringe on Americans’ financial privacy and be weaponized for government surveillance. This bill passed the Financial Services Committee by a narrower margin, signaling more partisan debate but strong support within Republican leadership. If enacted, it would make the U.S. the first major economy to legislate a prohibition on a CBDC.

During this week-long legislative effort, the House is set to debate three major crypto-related bills, each addressing a critical aspect of blockchain policy. The first is the CLARITY Act, which aims to delineate jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). By providing a concrete framework to determine whether a digital asset is a security or a commodity, the bill seeks to reduce legal uncertainty and offer clearer compliance pathways for developers, exchanges, and investors. The second bill is the GENIUS Act, previously passed in the Senate, which introduces a comprehensive regulatory regime for dollar-pegged stablecoins. This includes guidelines for issuance, collateralization, and redemption, balancing federal oversight with state-level innovation. The third bill is the Anti-CBDC Surveillance State Act, which aims to prevent the Federal Reserve from issuing a retail central bank digital currency (CBDC). This legislation is framed as a defense of financial privacy, reflecting concerns about the potential risks of government surveillance and control associated with a centralized digital dollar.

Industry advocates have welcomed this coordinated legislative effort, emphasizing that regulatory clarity is crucial for the long-term health of the U.S. crypto ecosystem. The success of these bills, particularly the GENIUS and CLARITY Acts, could unlock institutional capital and attract Web3 innovation that has increasingly moved offshore. Market observers note that the GENIUS Act could serve as a foundational statute for the mainstream adoption of stablecoins, enabling regulated financial institutions to engage in issuance and custody under a clear legal mandate.

However, the legislative path remains complex. While the GOP-led House is expected to pass all three bills, the Senate’s response, particularly to the Anti-CBDC Act, remains uncertain. Democratic lawmakers have expressed reservations, citing the potential for public digital currencies to enhance financial inclusion and lower costs. Despite these challenges, with Crypto Week on the horizon, the U.S. appears poised to take a definitive step in shaping the global digital asset landscape. The outcome could significantly impact the future of crypto markets and redefine the nation’s role in the digital economy.