#USCryptoWeek House Republicans announced a "crypto week" to consider three digital asset bills starting on Monday, but Democratic leaders are pushing back.
The political division in the US Congress over digital assets seems to be deepening as top Democrats in the House of Representatives have announced their agenda following Republicans’ push to address three crypto-related bills starting on Monday.
In a Friday notice, House Financial Services Committee ranking member Maxine Waters and the digital assets subcommittee ranking member Stephen Lynch said they would lead Democrats in opposition to Republican efforts to pass what they called “dangerous” legislation.
Republican leaders said earlier this month that they would address bills on payment stablecoins, crypto market structure and central bank digital currencies (CBDCs) starting Monday.
“[Republicans are] doubling down by fast-tracking a dangerous package of crypto legislation through Congress,” said Waters. “Aside from lacking urgently needed consumer protections and national security guardrails, these bills would make Congress complicit in Trump’s unprecedented crypto scam.”
With a slim majority in the House, it’s unclear if Republicans will have enough support to pass all three crypto bills in a floor vote, given opposition led by Democrats like Waters and Lynch.
The bill to regulate stablecoins, the GENIUS Act, passed in the Senate after initial opposition from several Democrats, but debate around many pieces of legislation centered on crypto often includes discussions of US President Donald Trump’s crypto ventures.
“My Republican colleagues are eager to continue doing the bidding for the crypto industry while conveniently ignoring the vulnerabilities and opportunities for abuse that exist in crypto,” said Lynch.
Trump reportedly added about $620 million to his personal portfolio in a matter of months due to his investments in the crypto industry, including his family-backed business World Liberty Financial.