U.S. House Republican leaders have pledged to review three key cryptocurrency bills starting mid-July as part of a regulatory "Crypto Week."
House Financial Services Committee Chairman French Hill, House Agriculture Committee Chairman Glenn Thompson, and Speaker Mike Johnson stated on Thursday that they will use the week of July 14-18 to review the cryptocurrency market structure bill, the stablecoin bill, and the central bank digital currency (CBDC) bill.
"The House Republicans are taking decisive action to fully implement President Trump's digital assets and cryptocurrency agenda," Johnson said.
"During 'Crypto Week,' the House looks forward to timely consideration of three landmark pieces of legislation: the CLARITY Act, the anti-CBDC surveillance state bill, and the Senate's GENIUS Act," he added.
The party's push comes as President Trump expressed last month his desire for the GENIUS Act, which aims to regulate stablecoins, to be passed quickly before Congress's month-long recess in August.
These bills will begin to fulfill Trump's campaign promise focused on cryptocurrency, which has received strong support and funding from the cryptocurrency industry.
The House appears to be advancing the Senate-led GENIUS Act rather than its own similar bill—the STABLE Act, which was passed by the House Financial Services Committee in May but has not yet been voted on by the full House.
The Senate passed the GENIUS Act last month with bipartisan support, meaning that if the House passes the bill as is, it will be sent to Trump for signing into law.
However, legal analysts from Pillsbury law firm stated on Wednesday that the House may modify "key provisions, including those related to issuer qualifications, state-federal regulatory dynamics, and compliance requirements."
If this occurs, the bill would be sent back to the Senate for a vote to approve the modifications.
Lawyers from Troutman Pepper Locke law firm stated last Tuesday that the House and Senate may form a committee to reconcile the differences between the GENIUS Act and the STABLE Act, which would then require approval from both chambers before being sent to Trump.
A significant difference between the two bills lies in regulation; the STABLE Act mandates strict federal oversight of stablecoin issuers, while the GENIUS Act allows for state-level regulation.
A cryptocurrency market structure bill called the CLARITY Act may be next on Trump's desk, as the House Financial Services Committee and Agriculture Committee advanced the bill on June 10 for full House consideration.
The bill still needs to pass the Senate and outlines the jurisdiction of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over cryptocurrencies.
It will require most types of cryptocurrency exchanges to register with the CFTC and establishes rules for disclosure, customer asset segregation, and record-keeping.
Most Democrats oppose the GENIUS Act and the CLARITY Act, arguing that Trump and his family are building a growing cryptocurrency empire, including cryptocurrency exchanges, stablecoins, and various cryptocurrency tokens.
The final bill the House will consider is the anti-CBDC surveillance state bill, which has a similar bill in the Senate aimed at expediting the legislative process.
This bill would prohibit the Federal Reserve from testing, developing, creating, or issuing digital currency in any form and prevent central banks from directly offering financial products to individuals.
The bill was introduced by House Majority Whip Tom Emmer in the last Congress but expired at the end of that Congress's term after passing the House in May 2024.
Emmer reintroduced the bill in this Congress, and the House Financial Services Committee passed its version in April, while the Senate version is still in the Senate Banking Committee.
Related: U.S. Senator Cynthia Lummis drafts independent cryptocurrency tax bill
Original: “U.S. Republicans to Review 3 Cryptocurrency Bills During July's 'Crypto Week'”
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