Revolutionizing Financial Policies: The House’s Crypto Week Agenda
As the House of Representatives convenes, all eyes are on what Republican leaders have dubbed “Crypto Week.” This initiative marks a significant shift in legislative focus as the chamber aims to cast votes on three crucial bills concerning digital assets. These include the Senate-approved Genesis of Electronic Notes and Issuance Under Supervision (GENIUS) Act, the Anti-CBDC Surveillance State Act, and the Digital Asset Market Clarity (CLARITY) Act. Majority Leader Steve Scalise emphasizes the importance of this legislative package, stating it aligns with the President’s pro-business and economic growth strategies while offering a comprehensive regulatory structure for digital currencies.
The conversation around these bills took a dramatic turn recently when Ohio Republican Warren Davidson voiced his concerns on social media. He cautioned that the order in which these bills are addressed could prove detrimental. “Crypto Week next week in the House,” he noted. “The Senate’s GENIUS Act to regulate stablecoins should be amended… Instead, they want to pass it without amendments… Without the CBDC ban, CBDC delivery architecture would be in place, and nothing would protect self-custody. For this reason, I will oppose the GENIUS Act.”
Davidson’s primary concern is that the stablecoin-focused legislation might receive approval without the comprehensive market structure and CBDC-related measures keeping pace, potentially leading to a regulatory framework that lacks depth. This scenario underscores the divide within the Republican Party between those who prefer gradual legislative gains and those advocating for robust protections against CBDCs and for self-managed wallets.
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Exploring the Key Crypto Bills and Their Current Status
Stablecoins: The GENIUS Act
The GENIUS Act, having successfully navigated the Senate with a 68-30 vote in June, mandates that any stablecoin issuer must maintain reserves equivalent to U.S. currency or similarly liquid assets, with monthly disclosures of these reserves. Given the bill’s prior Senate approval, a straightforward vote in the House would send it to President Trump, who has expressed his intent to sign it into law.
CBDCs: The Anti-CBDC Surveillance State Act
Designed to restrict the Federal Reserve from using a central bank digital currency for monetary policy, the Anti-CBDC Surveillance State Act (H.R. 1919) also seeks to prohibit any Fed-issued retail CBDC. Though it passed committee review in May, the absence of a corresponding Senate bill poses a significant hurdle, particularly in securing the 60 votes needed to overcome a filibuster. This bottleneck is precisely what Davidson and his allies are concerned about.
Market Structure: The CLARITY Act
Spanning 236 pages, the CLARITY Act categorizes cryptocurrencies into securities, commodities, and “permitted payment stablecoins,” excluding the latter two from being classified as securities. The bill mandates the SEC and CFTC to develop synchronized regulatory frameworks and introduces provisional registration systems for exchanges, brokers, and custodians. Unlike the GENIUS Act, the CLARITY Act has not yet been considered by the Senate, although Banking Committee Chair Tim Scott has committed to a hearing by the end of September, though no legislative text is currently available in the Senate.
House Democrats, pivotal in advancing the GENIUS Act through the Senate, are now expressing increased opposition. Maxine Waters, the leading Democrat on Financial Services, critiqued the Republican agenda as “’Anti-Crypto Corruption Week,’ labeling the trio of bills as perilous cryptocurrency legislation.”
The Impact on the Cryptocurrency Market
This legislative momentum coincides with a new peak in Bitcoin prices, exceeding $121,000, and a surge in alternative cryptocurrencies. Independent trader Cas Abbé captured the prevailing sentiment on social media, noting, “US House has designated July 14–18 as ‘crypto week’…It’s expected that all of them will be passed in 2025, which will set the stage for a massive rally.” At the time of reporting, the total cryptocurrency market capitalization stood at $3.75 trillion.
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