U.S. House Declares July 14-18, 2025, as "Crypto Week" for Key Blockchain Legislation
The U.S. House of Representatives, led by Financial Services Committee Chair French Hill and Agriculture Committee Chair GT Thompson, has designated the week of July 14, 2025, as "Crypto Week" to advance three major blockchain-related bills14.
Key Legislation Under Review
CLARITY Act
Aims to end SEC oversight of most cryptocurrencies by classifying them as "digital commodities" under CFTC jurisdiction9.
Could exempt assets like Ethereum, Solana, and XRP from securities regulations, fostering innovation.
Anti-CBDC Surveillance State Act
Bans the Federal Reserve from issuing a central bank digital currency (CBDC) without explicit congressional approval26.
Republicans argue CBDCs could enable government financial surveillance, citing concerns similar to China's digital yuan10.
GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins)
Establishes federal oversight for stablecoin issuers (e.g., USDT, USDC), requiring 1:1 reserves, monthly audits, and banking-level compliance37.
Positions the U.S. as a leader in blockchain-based payments, competing with global CBDC initiatives.
Why This Matters
Regulatory Clarity: The CLARITY Act could resolve long-standing SEC vs. CFTC jurisdictional disputes, reducing legal uncertainty for crypto firms.
CBDC Debate: The Anti-CBDC bill reflects growing GOP resistance to government-controlled digital currencies, aligning with Trump’s earlier executive order6.
Stablecoin Standardization: The GENIUS Act may legitimize stablecoins as a mainstream payment tool, boosting institutional adoption.
Market & Political Impact
Crypto Industry: A potential win for exchanges and DeFi platforms if the CLARITY Act passes.
Global Competition: The U.S. risks falling behind in CBDC development but could dominate private stablecoin markets7.
Partisan Divide: Democrats largely oppose the Anti-CBDC bill, arguing it stifles innovation10.