US House’s Crypto Week to push GENIUS and CLARITY Acts, aiming for clear crypto regulations and consumer protections.
The “Crypto Week” is scheduled to commence on July 14th, and the US House of Representatives is on the brink of taking a significant step in the regulation of cryptocurrency. This week, legislators will evaluate critical legislation, such as the GENIUS Act and the CLARITY Act. This action is part of a more comprehensive initiative to position the United States as a global leader in the cryptocurrency industry.
The US House kicks off Crypto Week with a legislative push
The United States House of Representatives declared the week of July 14th as “Crypto Week” in an official press release. The week will feature the examination of critical legislation. The proposals include the Anti-CBDC Surveillance State Act, the CLARITY Act, and the GENIUS Act. The nation is dedicated to fulfilling President Donald Trump’s pledge to establish the United States as the global “crypto capital” through these significant initiatives.
Chairman French Hill underscored the committee’s endeavors to advance groundbreaking legislation. The House aims to establish a transparent regulatory framework for digital assets that safeguards investors and consumers. He observed,
We are taking historic steps to ensure the United States remains the world’s leader in innovation and I look forward to ‘Crypto Week’ in the House…we are advancing landmark legislation…[that] provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy.
Will the United States House of Representatives pass the GENIUS Act?
The GENIUS Act, a bill that concentrates on stablecoin regulation in the United States, was effectively passed by the US Senate in June, with a vote of 68 to 30 in favor. Senate approval has been obtained, and the GENIUS Act is now on its way to the House for consideration. Lawmakers have indicated that they will prioritize the bill during Crypto Week.
While President Trump and other officials have already supported the GENIUS Act, the crypto community anticipates its final passage in the House. Chairman Hill previously stated, “Clear rules of the road for stablecoins are long overdue, and today we’re one step closer to creating a functional regulatory framework.”
The CLARITY Act is gaining momentum
The House Committees have advanced the Digital Asset Market Clarity (CLARITY) Act on Agriculture and Financial Services with bipartisan support. French Hill and Chairman Glenn Thompson introduced the measure. It aims to restrict the SEC’s jurisdiction and designate the CFTC as the primary regulator of digital commodities. Chairman Thompson observed that the US House is prepared to address this legislation during the crypto week.
I am pleased the House will consider the CLARITY Act, among other digital asset-related bills, this month…Time and again, we have heard the calls for regulatory clarity and certainty in this ecosystem. The House Agriculture and Financial Services Committees worked together to deliver CLARITY, and it will soon be time for the House to deliver for the American people and send CLARITY to the Senate.
An Alliance of Lawmakers Opposes CBDC
The Anti-CBDC Surveillance State Act is a bill intended to prevent the issuance of a central bank digital currency (CBDC) that could risk the financial privacy of Americans. The bill is expected to receive support from US legislators during Crypto Week, effectively eliminating the possibility of introducing CBDC.
US Leaders are adopting Cryptocurrency Regulation
Senator Cynthia Lummis expressed enthusiasm in response to this initiative, referencing the federal government’s endeavors to regulate digital assets. She emphasized the importance of her partnership with Chairman Hill and Thompson in the pursuit of stablecoin and crypto legislation.
“The United States will preside over the golden age of digital assets,” declared Representative Bryan Steil. He emphasized that the US could prevail in the Web3 competition by enacting stablecoin legislation, establishing a market structure, and prohibiting the use of CBDCs. It can potentially dominate the future of blockchain technology by fostering innovation, protecting consumers, and outcompeting adversaries.
