GOP leaders announced that “Crypto Week” will begin on July 14, drawing Congressional attention to three Web3-related bills. They stand at various points in the approval process, but industry supporters will examine all of them.
The three bills in question are the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act. All three deal with key issues for US crypto regulatory policy.
What’s in Store for Crypto Week?
Now that the Big Beautiful Bill has passed its final vote, Republicans are on a roll to implement new legislative initiatives. There are currently several pieces of outstanding crypto regulation that have yet to make it through Congress.
Therefore, House leadership announced that “Crypto Week” will begin on July 14, highlighting these upcoming fights:
“House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda. During ‘Crypto Week,’ the House looks forward to the timely consideration of three landmark pieces of legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act,” claimed House Speaker Mike Johnson.
Currently, the most prominent piece of legislation is the GENIUS Act, a regulatory framework for stablecoins. This bill passed the Senate in mid-June, but still requires a final House vote to confirm its various amendments. Considering its current progress, this bill seems especially likely to benefit from Crypto Week.
The bill promotes stablecoins’ integration with the financial system, prompting Tether to spend tens of billions on Treasury bonds. It faces accusations of favoring the fiat system and de-powering DeFi, but will likely play a key role in Trump’s plans for stablecoin dollar dominance.
The CLARITY Act is a more general regulatory framework, aiming to build consumer protection and token classification. Determining whether an asset is a security or commodity is a thorny issue, and this bill could settle many debates.
It’s still making its way through Committee, so it may benefit from Crypto Week’s spotlight.
Although the bill has firm backing from the crypto industry, it has significant critics. Former CFTC Chair Tom Massad warned of its flexibility, arguing that its new standards may be too loose and impractical to guarantee asset quality.
Hopefully, the subsequent rounds of voting and debate will help resolve any outstanding issues.
By far, the Anti-CBDC Surveillance State Act is Crypto Week’s least prominent goal. Fervent opposition to CBDCs is a long-running goal in certain US policy circles, and President Trump is firmly in this camp.
Still, the bill is also stuck in Committee, and there haven’t been any significant updates about it in nearly three months.
As it stands, this bill doesn’t involve banning US citizens from owning foreign CBDCs. It mostly aims to impose an implicit ban on the Federal Reserve, preventing future Democratic administrations from creating one.
Compared to the others, it doesn’t seem like a pressing concern. Nonetheless, Republicans wish to accomplish it during Trump’s term.
All three of these acts will be hot topics in Congress throughout Crypto Week. Industry observers should stay informed of possible developments.
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