Key Insights:
- The upcoming Crypto Week will likely have the passing of crypto market legislation for the GENIUS Stablecoin Act, the CLARITY market structure bill, and a CBDC ban.
- The GENIUS Act, already passed in the Senate, sets reserve and compliance requirements for stablecoin issuers and awaits House approval.
- The CLARITY Act, which clarifies SEC and CFTC oversight of digital assets and mandates CFTC registration for most exchanges, has passed key committees.
- The Anti-CBDC Surveillance State Act, reintroduced by House Majority Whip Tom Emmer, seeks to prohibit the Fed from issuing or testing any digital dollar.
The entire crypto market is eagerly awaiting the Crypto Week celebrations in mid-July with expectations of continued developments like passing the GENIUS Stablecoin Act, CLARITY Act, etc.
Furthermore, with US President Donald Trump signing the ‘Big Beautiful Bill’ later today, the US government will boost spending, leading to risk-ON sentiment. July could be a turning point for the crypto space, breaking it free from the long consolidation period.
Republican Leaders to Celebrate Crypto Week from July 14-18
On July 3, French Hill, the Chair of House Financial Services, along with Agriculture Committee Chair Glenn Thompson and Speaker Mike Johnson, announced that lawmakers will review key crypto legislation from July 14 to 18.
Those legislations include a market structure bill, a stablecoin framework, and a central bank digital currency (CBDC) proposal. While celebrating the passing of the ‘Big Beautiful Bill’, crypto czar David Sacks wrote:
Previously, President Trump stated that he wants the GENIUS Stablecoin Act on his table as soon as possible. It seems that he’s looking to get this cleared before Congress goes on a break in August. The bills would mark the first steps toward fulfilling Donald Trump’s pro-crypto campaign.
Why the GENIUS Stablecoin Bill is Crucial for the Crypto Market?
The GENIUS Act focuses on the regulation of stablecoins and outlines requirements for stablecoin issuers, including the obligation to maintain asset reserves that match the value of the tokens in circulation.
Proponents hail the legislation as a groundbreaking move to establish formal oversight for a critical part of the crypto sector. They argue it will enhance consumer protection and support the expansion of the crypto market.
Last month, the Senate approved the bipartisan stablecoin bill. The GENIUS Act is awaiting final approval in the House.
However, legal experts at Pillsbury Law warned on Wednesday that the House may revise critical sections of the legislation, including provisions on issuer eligibility, the balance of state and federal oversight, and compliance obligations.
If the House introduces the amendments, the revised bill would return to the Senate for another vote to approve the changes.
Crypto Market Structure Bill, the CLARITY Act, Could Be the Next
The CLARITY Act, a crypto market structure bill, could soon be headed to President Trump’s desk following its advancement by the House Financial Services and Agriculture Committees on June 10. The legislation now awaits a vote in the full House before moving to the Senate.
The bill defines the regulatory scope of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. It mandates that most cryptocurrency exchanges register with the CFTC.
This bill also sets clear requirements for disclosures, customer fund segregation, and record keeping.
While Republicans have championed the bill, Democrats have largely opposed both the CLARITY and GENIUS Acts. They cited concerns over Trump’s expanding personal involvement in the crypto space, including a family-backed crypto exchange, stablecoin, and multiple digital tokens.
GOP Proposes to Ban CBDCs
The final crypto-related bill set for House consideration is the Anti-CBDC Surveillance State Act. It seeks to block the Federal Reserve from developing, issuing, or testing any form of central bank digital currency (CBDC), and from offering financial services directly to individuals.
An identical version of the bill has been introduced in the Senate to accelerate its path through Congress.
House Majority Whip Tom Emmer originally introduced this bill during the previous congressional session. The bill passed the House in May 2024 but expired at the end of that term.
Emmer reintroduced the measure in the current Congress, and the House Financial Services Committee advanced it in April. The Senate version, however, remains pending in the Senate Banking Committee.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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