Historic Crypto Legislation Imminent: House Set to Greenlight Landmark Digital Asset Framework

Washington finally catches up to Wall Street's favorite disruptor.

The dam breaks: After years of regulatory limbo, Capitol Hill prepares to pass the first comprehensive crypto laws—just as institutions finish stacking BTC.

What's in the bill? Expect clearer custody rules, exchange oversight, and that classic DC special: a 12-month 'study period' that lets lobbyists rewrite the fine print.

Why now? With 2025 election fundraising in full swing, nothing motivates action like donor portfolios heavy with Solana and Ethereum ETFs.

The irony? These 'groundbreaking' regulations arrive just as decentralized protocols render them obsolete. Some things never change—politicians always show up late to take credit.

TLDR

• US House plans to vote on three major crypto bills this week: the Clarity Act (Wednesday), GENIUS Act (Thursday), and Anti-CBDC Surveillance State Act (Wednesday)
• The GENIUS Act could become the first major crypto law in the US, establishing rules for stablecoin issuers to maintain one-to-one reserves in US dollars
• The Clarity Act would create a regulatory framework for crypto, defining roles for SEC and CFTC in digital asset oversight
• The Anti-CBDC Act would prevent the Federal Reserve from issuing a central bank digital currency
• Senate Banking Committee Chairman Tim Scott says the Senate will complete its work on crypto legislation by September 30

The US House of Representatives is moving forward with votes on three major cryptocurrency bills this week. The legislative push represents the most comprehensive effort yet to regulate digital assets in America.

The Digital Asset Market Clarity Act is scheduled for a Wednesday afternoon vote. This bill would establish a regulatory framework for the crypto industry in the United States.

The legislation defines the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission in digital asset regulation. It also provides exemptions from certain Securities Act registration requirements for investment contracts involving digital commodities on mature blockchains.

Stablecoin Rules Take Center Stage

The Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, is expected to receive a Thursday morning vote. This bill already passed the Senate with bipartisan support on June 17.

The GENIUS Act sets rules for entities that can issue stablecoins like Circle’s USDC and Tether’s USDT. Under the legislation, issuers must maintain reserves backing stablecoins on a one-to-one basis in US dollars or similarly liquid assets.

The bill also extends Bank Secrecy Act requirements to stablecoin issuers. If passed, this WOULD become the first major crypto law in the United States.

House lawmakers agreed to take the Senate version as-is, meaning the bill would go directly to President Donald Trump’s desk for signing. Some economic observers have raised concerns about potential systemic risks to the US monetary system from the backing requirements.

The Anti-CBDC Surveillance State Act is also scheduled for a Wednesday vote. This bill would prevent the Federal Reserve from issuing a central bank digital currency.

Congressional Timeline and Expectations

The House Rules Committee met Monday afternoon to establish procedures for floor debate on each bill. Lawmakers will have one hour of debate per bill, with no amendments allowed.

Representative French Hill, chair of the House Financial Services Committee, announced “Crypto Week” on July 3. Hill said the legislation would establish clear regulatory frameworks and protect Americans’ financial privacy.

The Clarity Act is expected to pass with strong bipartisan support. Its predecessor bill, FIT21, drew 71 Democratic votes when it passed previously.

Senate Banking Committee Chairman Tim Scott said the Clarity Act will serve as a template for Senate work. However, crypto lobbyists indicate Senate lawmakers may not follow the House language closely.

Scott has committed to completing Senate work on crypto legislation by September 30. Policy analysts suggest the Senate may introduce its own bill rather than simply taking up the House version.

The House Financial Services and Agriculture Committees defended all three bills before the Rules Committee in a lengthy Monday hearing. Democratic leaders have campaigned against what they call “dangerous legislation.”

Federal Reserve Restrictions

The Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a digital dollar. The bill also prevents using a CBDC to influence monetary policy and ensures only Congress can authorize a digital dollar.

Republican lawmakers argue a Federal Reserve digital currency could compete with US-issued stablecoins. They also express concerns about potential government financial surveillance of citizens.

The House Financial Services Committee advanced the Anti-CBDC bill in April with a 27-22 vote. The Senate does not yet have a counterpart bill.

If all three bills pass this week, it would mark the first time Congress has approved major cryptocurrency legislation. The GENIUS Act would be the first to reach the president’s desk for signature.