- House targets crypto rules July 14th: Three bills advance. CLARITY assigns CFTC oversight, GENIUS regulates stablecoins, Anti-CBDC blocks Fed.
- Senate-approved GENIUS mandates 1:1 stablecoin reserves, tackles illicit finance. Polymarket bets 92% on 2024 passage despite dollar concerns.
Digital asset bills are the main topic during “Crypto Week.” U.S. lawmakers aim for major progress on these proposals to establish clearer rules.
One key bill is the CLARITY Act, introduced by Republican French Hill. This bill seeks to determine which government body will control crypto rules. Hill proposes the Commodity Futures Trading Commission (CFTC) oversee cryptocurrency transactions.
Exchanges and brokers would need CFTC registration
The bill also mentions exemptions from certain securities registration rules for crypto on established, unrestricted blockchains. However, Senator Elizabeth Warren and the group Americans for Financial Reform oppose the plan. They state it reduces SEC authority and favors large companies.
The GENIUS Act will also feature in Crypto Week discussions, though the Senate passed it in June. This law focuses on stablecoins tied to the dollar. Its purpose is to determine who can issue the tokens and ensure issuers maintain matching cash reserves. It also covers rules for issuer bankruptcy. Senators Cynthia Lummis and Kirsten Gillibrand highlight the bill’s rules against illegal money movements and for protecting national security.
The third proposal is the Anti-CBDC Surveillance State Act
Led by Republican Tom Emmer, this bill aims to stop the Federal Reserve from creating a digital dollar. It blocks the Fed from issuing the currency, either directly or indirectly. It also prevents the Fed from using it for monetary policy. Only Congress could issue a digital dollar, with the goal of protecting privacy. A House hearing on crypto taxes and this topic is scheduled for July 16th.
America is ready for crypto.
The House should pass the CLARITY Act next week, quickly followed by the Senate, so we can get it into law with @potus’s signature. pic.twitter.com/yFQe7fHgUj
— Brian Armstrong (@brian_armstrong) July 9, 2025
Crypto companies support these proposals. Coinbase’s leader, Brian Armstrong, backs the CLARITY Act. His stand With Crypto group sent a letter signed by multiple executives to Congress. Even so, the initiatives face substantial criticism and negotiation, mainly from Democrats.
