The U.S. House of Representatives is poised to take a major step in cryptocurrency regulation, with the “Crypto Week” set to kick off on July 14th. During this week, lawmakers will consider key bills, including the CLARITY Act and the GENIUS Act. This move comes as part of a broader effort to establish the US as a global leader in the crypto space.
Crypto Week Kicks Off in US House with Legislative Push
In an official press release, the US House announced the week of July 14th as “Crypto Week,” with key legislation lined up for examination. The bills include the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. With these key acts, the country focuses on realizing President Donald Trump’s vow to make the US the ‘crypto capital’ of the world.
Chairman French Hill emphasized the committee’s efforts to push forward landmark legislation. The House aims to create a clear regulatory framework for digital assets that protects consumers and investors. He noted,
We are taking historic steps to ensure the United States remains the world’s leader in innovation and I look forward to ‘Crypto Week’ in the House…we are advancing landmark legislation…[that] provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy.
Will US House Pass GENIUS Act?
In June, the US Senate successfully passed the GENIUS Act, a bill focusing on stablecoin regulation in the US, with a vote of 68 to 30 in favor. With Senate approval secured, the GENIUS Act now heads to the House for consideration, where lawmakers have pledged to prioritize it during Crypto Week.
While President Trump and other officials have already supported the GENIUS Act, the crypto community anticipates its final passage in the House. Chairman Hill previously stated, “Clear rules of the road for stablecoins are long overdue, and today we’re one step closer to creating a functional regulatory framework.”
CLARITY Act Gains Momentum
The House Committees on Agriculture and Financial Services have advanced the Digital Asset Market Clarity (CLARITY) Act with bipartisan support. The bill was introduced by Chairman Glenn Thompson and French Hill. It intends to establish the CFTC as the primary regulator of digital commodities, while limiting the SEC’s jurisdiction. While the US House is poised to consider this bill during the crypto week, Chairman Thompson noted,
I am pleased the House will consider the CLARITY Act, among other digital asset-related bills, this month…Time and again, we have heard the calls for regulatory clarity and certainty in this ecosystem. The House Agriculture and Financial Services Committees worked together to deliver CLARITY, and it will soon be time for the House to deliver for the American people and send CLARITY to the Senate.
Lawmakers United Against CBDC
The Anti-CBDC Surveillance State Act is a bill designed to block the issuance of a central bank digital currency (CBDC) that could compromise Americans’ financial privacy. US lawmakers plan to back the bill during Crypto Week, ruling out any possibility of introducing CBDC.
US Leaders Embrace Crypto Regulation
In response to this initiative, Senator Cynthia Lummis expressed excitement, citing the federal government’s efforts to regulate digital assets. She highlighted her collaboration with Chairman Hill and Thompson to advance the stablecoin and crypto legislation.
“The golden age of digital assets is here, and the U.S. will lead,” stated Rep. Bryan Steil. He emphasized that passing the stablecoin legislation, market structure, and a CBDC ban would enable the US to win the Web3 race. It could also foster innovation, protect consumers, and outcompete adversaries, ultimately dominating the future of blockchain technology.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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