U.S. House Advances Three Crypto Bills During Crypto Week

The U.S. House of Representatives has designated the week of July 14 as "Crypto Week," during which three significant crypto bills will be advanced: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. These bills aim to establish a clear regulatory framework for digital assets, solidify stablecoin rules, and block the development of a U.S. central bank digital currency (CBDC).

The CLARITY Act seeks to define market structure and clarify which federal agencies have oversight over digital assets. It proposes splitting jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) based on whether a token acts more like a security or a commodity. The bill also establishes a legal framework for digital asset intermediaries and introduces licensing requirements to operate within the U.S. market. This legislation has received strong bipartisan support, with both the Financial Services and Agriculture committees approving it with votes of 32-19 and 47-6, respectively.

The GENIUS Act focuses on stablecoins, outlining clear, enforceable rules for issuing and backing dollar-linked digital tokens. The bill includes reserve requirements for issuers, clear registration guidelines for stablecoin companies, and supervision under a new joint framework that includes Treasury and banking regulators. This legislation aims to promote innovation and encourage American fintech and blockchain companies to introduce regulated stablecoins within the U.S. rather than seeking more transparent rules in other jurisdictions.

The Anti-CBDC Surveillance State Act aims to address concerns that a central bank digital currency could undermine individual financial freedom. The bill seeks to prohibit the Federal Reserve from launching or piloting a digital dollar and prevent the Treasury from developing a U.S. CBDC without congressional approval. It emphasizes user privacy and resists what lawmakers call “surveillance finance,” arguing that CBDCs could give the federal government too much control over individual spending habits, potentially enabling political targeting, financial censorship, or mass surveillance.

This legislative push is backed by the Trump administration and led by Chair French Hill, Chair GT Thompson, and Speaker Mike Johnson. The initiative highlights the U.S.'s opportunity to take the lead in the global crypto economy and is rooted in concerns over financial surveillance, regulatory ambiguity, and competitive pressure from crypto-forward jurisdictions. The bills set for review during Crypto Week are the result of over a year of legislative groundwork, including the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in April 2024 and multiple hearings and drafts to gather public and industry feedback.

House Speaker Johnson emphasized that House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda. The coordinated effort to fast-track these bills through the House floor positions the U.S. to become a global leader in crypto innovation, promoting a regulatory environment that encourages digital asset development while protecting financial privacy.