Crypto Showdown: US Lawmakers Gear Up for Pivotal ‘Crypto Week’ Starting July 14
Washington’s playing catch-up—and the crypto industry’s watching.
Mark your calendars: July 14 kicks off a high-stakes legislative sprint as US lawmakers finally tackle long-delayed crypto bills. No more vague promises—this is make-or-break for regulatory clarity.
Behind the scenes: Lobbyists are working overtime, Bitcoin ETFs are breathing down the SEC’s neck, and someone’s probably shorting the market based on insider golf course chatter. Typical DC meets Web3 chaos.
The bottom line? Either we get a framework that doesn’t strangle innovation… or another masterpiece of bureaucratic ambiguity. Place your bets.
The Proposed Legislation
House Financial Services Committee Chair French Hill, House Agriculture Committee Chair Glenn Thompson, and Speaker Mike Johnson said in a July 3 statement that the initiative is part of efforts to make the U.S. the crypto capital of the world.
“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,” said Chairman Hill.
He added that after years of work in Congress on digital assets, they were now making progress on landmark legislation aimed at creating a clear regulatory framework.
“House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda,” stated Johnson.
Hill explained that the proposed laws are meant to protect consumers and investors. This will be achieved by setting rules for issuing and managing dollar-backed stablecoins and permanently preventing the creation of a Central Bank Digital Currency (CBDC).
In April, the CBDC Anti-Surveillance State Act passed through the U.S. House Financial Services Committee with a 27 to 22 vote. The bill seeks to prevent the Federal Reserve from issuing or testing a digital fiat currency, citing privacy concerns and fears of government overreach.
In June, the CLARITY Act was approved by the House Financial Services and the Agriculture Committees.
“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,” said Chairman Thompson.
It introduces a dual regulatory framework that assigns oversight responsibilities to either the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). It also requires crypto firms to disclose financial information to retail investors and to keep customer funds separate from company assets.
Democratic Opposition
The Senate also passed the GENIUS Act last month, and it now awaits a vote by Congress. The House appears to be prioritizing it over its own STABLE Act. One of the main differences between the two is how stablecoin issuers WOULD be supervised, with the former calling for state-level supervision while the latter would allow for federal oversight.
Meanwhile, Democratic lawmakers have opposed the GENIUS Act and the broader crypto market structure bill. This is due to concerns over President Trump’s personal and financial ties to the crypto industry. Senator Adam Schiff has also called for changes that would bar elected officials and their families from profiting from crypto assets.
