House Votes on Crypto Bills as Trump Pushes for August Stablecoin Law

The US House of Representatives has designated July 14 as “Crypto Week,” a day dedicated to recognizing and honoring advancements, innovation, and excellence in digital assets. This announcement was made by House Speaker Mike Johnson, Financial Services Committee Chair French Hill, and Agriculture Committee Chair GT Thompson. The move is part of a broader Republican strategy to advance what could be President Donald Trump’s digital finance agenda.

During Crypto Week, lawmakers are expected to debate and vote on several major bills. These include legislation targeting stablecoins and a more comprehensive bill on the structure of cryptocurrency markets. House Speaker Mike Johnson emphasized that this legislative session marks the first significant step in positioning the United States as a global leader in the digital economy.

The stablecoin bill is set to be the top priority for Crypto Week. The House is shifting its focus to the Senate’s version of the bill, titled the GENIUS Act, which has already been approved. This move is likely aimed at speeding up the legislative process, as President Trump has publicly stated his desire for a stablecoin bill on his desk by August. The GENIUS Act includes stringent rules, such as mandating that stablecoins be fully backed by US dollars or comparable liquid assets. It also requires stablecoin issuers with market values exceeding $50 billion to perform annual audits and sets specific standards for firms or companies domiciled overseas. The House’s previous version, the STABLE Act, had key differences, such as tolerating state-level regulatory structures or treating foreign issuers differently. Republican leaders seem willing to adopt the Senate version to meet the tight timetable, potentially expediting negotiations and bypassing a protracted legislative process.

President Trump’s growing interest in crypto regulation has underscored the urgency of these efforts. His administration aims to stabilize the US stablecoin market as part of a broader campaign to reclaim financial innovation from competitors abroad.

Another key piece of legislation on the Crypto Week agenda is the Digital Asset Market Clarity Act, also known as the Clarity Act. This bill aims to create regulatory clarity by defining the roles of the SEC and the Commodity Futures Trading Commission. The rules would require firms that issue and manage digital currencies to disclose critical financial information to consumers and keep customer funds separate from corporate assets. Such measures are essential in light of major incidents like the FTX scandal, which exposed significant oversight gaps. Republicans argue that an unclear legal framework stifles US innovation and drives entrepreneurs overseas. French Hill, who helped draft the bill, described it as a sensible roadmap that balances innovation and investor protection. However, some Democrats have expressed skepticism, particularly given Trump’s close ties to the digital asset world. Trump and his family have reportedly earned significant sums from crypto initiatives, including launching memecoins and a decentralized finance effort.

The final piece of legislation expected during Crypto Week comes from House Majority Whip Tom Emmer. His bill seeks to ban the Federal Reserve from launching a retail-facing CBDC, arguing that such a currency would pose a serious threat to financial privacy and civil liberties. Emmer has framed the bill as a defense against government overreach, warning that allowing the Fed to issue a digital dollar directly to consumers could lead to surveillance and control over personal spending habits.