Republican leaders announced that "Crypto Week" will start on July 14th. This will draw congressional attention to three Web3-related bills. While these bills are at various stages of approval, industry supporters will review them all.
The three controversial bills are the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act. All three address key issues in US cryptocurrency regulatory policy.
What are the prospects for Crypto Week?
On the 3rd, the Big Beautiful Bill passed its final vote in the US House of Representatives. The Republican Party is pushing forward new legislative initiatives. Currently, several cryptocurrency regulation bills are not passing through Congress.
The Republican House leadership has announced that "Crypto Week" will start on July 14th. This will bring upcoming debates into focus:
"The House Republicans are taking decisive steps to fully realize Trump's digital asset and cryptocurrency agenda. During 'Crypto Week', the House will timely consider three groundbreaking bills: the CLARITY Act, Anti-CBDC Surveillance State Act, and the Senate's GENIUS Act," House Speaker Mike Johnson claimed.
Currently, the most notable bill is the GENIUS Act, a regulatory framework for stablecoins. The bill passed the Senate in mid-June but still requires a final House vote. Given the current progress, this bill is likely to particularly benefit from Crypto Week.
The bill facilitates the financial system integration of stablecoins and encourages Tether to invest billions in government bonds. It is criticized for favoring the fiat currency system and potentially weakening DeFi's power, but will play a crucial role in Trump's stablecoin dollar dominance plan.
The CLARITY Act is a more general regulatory framework aimed at establishing consumer protection and token classification. Determining whether an asset is a security or a commodity is a challenging issue, and this bill could resolve many controversies.
The bill is still passing through committees and may receive attention during Crypto Week.
While the bill has strong support from the cryptocurrency industry, it also faces significant criticism. Former CFTC Chairman Tom Massad warned about the bill's flexibility, arguing that the new standards might be too loose and unrealistic to ensure asset quality.
Hopefully, the next votes and discussions will help resolve the remaining issues.
The Anti-CBDC Surveillance State Act is the least noticed target of Crypto Week. Strong opposition to CBDC has been a long-standing goal in some US policies, and President Trump is firmly in this camp.
However, the bill remains stuck in committee, with almost no significant updates in nearly three months.
Currently, the bill does not prohibit US citizens from owning foreign CBDCs. It primarily imposes an implicit ban on the Federal Reserve to prevent a future Democratic administration from creating one.
It does not appear to be an urgent issue compared to other bills. Nevertheless, the Republican Party wants to achieve this during Trump's term. These three bills will be hot topics in Congress during Crypto Week.
