Congress Divided Over GOP-Backed Crypto Bills Amid Partisan Clash

Republican lawmakers are pushing a trio of cryptocurrency bills—the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act—framing them as critical to U.S. competitiveness in financial innovation. House Rules Committee Chair Virginia Foxx hailed the GENIUS Act as "historic," emphasizing its potential to foster responsible development in the digital asset space.

Democratic opposition erupted during Monday's hearing, with Rep. Jim McGovern lambasting the legislation as a "crypto giveaway" that benefits wealthy speculators. "This isn't what my constituents asked for," McGovern asserted, taking aim at former President Trump's crypto ventures including the USD1 stablecoin and his meme coin project.

The partisan divide reflects broader tensions over crypto regulation, with Republicans advocating for innovation-friendly frameworks while Democrats warn of systemic risks. The proposed bills seek to address data privacy in blockchain systems and limit central bank digital currency development—a growing flashpoint in global financial policy.