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It’s officially “Crypto Week,” a multi-day occasion where leaders in the US House of Representatives aspire to vote on three cryptocurrency measures anticipated to enhance the national crypto sector.
The CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act are anticipated to undergo discussion, modifications, and a concluding vote over the next few days.
“Crypto Week” was announced by French Hill, chair of the House Committee on Financial Services, on July 3. Hill stated the legislation would establish “a transparent regulatory framework for digital assets,” in addition to establishing the foundational rules for dollar-pegged stablecoin issuance, and aims to obstruct central bank digital currency (CBDC) issuance “to protect Americans’ financial privacy.”
While “Crypto Week” has generated significant enthusiasm among Republicans in the House, Democratic leaders are vigorously opposing what they describe as “hazardous legislation.”
Here are the crucial dates to watch for.
Crucial dates and milestones during “Crypto Week”
On Monday, the House Rules Committee will convene to deliberate on all three bills. It will establish the specific rules that “define the conditions for debate.” On Tuesday, the House will commence discussing the measures, and voting may begin once the discussion concludes.
Final votes on the Clarity Act and the Anti-CBDC Surveillance State Act are slated for Thursday. The final vote for the GENIUS Act is anticipated on Friday.
Related: GENIUS Act could reinforce dollar dominance, create ‘rulebook’ for global financial ecosystem
The Digital Asset Market Clarity Act (CLARITY Act)
The Digital Asset Market Clarity (CLARITY) Act was introduced at the end of June and aims to offer a regulatory framework for the cryptocurrency sector. This entails defining the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in their oversight.
The proposal also aims to “provide an exemption from the Securities Act of 1933’s registration requirement for offers of investment contracts pertaining to digital commodities on mature blockchains that satisfy certain conditions.”
However, not everyone agrees. Earlier this month, Massachusetts Senator Elizabeth Warren commented that under those provisions, publicly traded companies could essentially evade US securities regulations.
Related: Coinbase crypto advocates urge Congress to support major crypto legislation
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act)
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) was introduced in February, shortly after President Donald Trump assumed office. The bill gained Senate approval on June 17.
The GENIUS Act stipulates rules regarding the types of entities permitted to issue stablecoins. It mandates that “issuers must maintain reserves backing the stablecoin on a one-to-one basis” in US dollars or other equivalent liquid assets. It also extends the Bank Secrecy Act to stablecoin issuers.
Some economic and legal analysts have suggested that the backing clause of the GENIUS Act could introduce a systemic risk to the US monetary framework.
Anti-CBDC Surveillance State Act
The Anti-CBDC Surveillance State Act was proposed in early March and aims to thwart the Federal Reserve, the US’s central bank, from issuing a CBDC. The Federal Reserve would also be barred from employing a CBDC to impact monetary policy and ensuring that only Congress can issue a digital dollar.
At the end of April, the House Financial Services Committee moved forward the Anti-CBDC Surveillance State Act in a 27-22 vote. Representative Brad Sherman described the bill as a “word salad” favoring “crypto enthusiasts.”
Magazine: How cryptocurrency regulations are evolving worldwide in 2025
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