Three major bills officially debut covering stablecoin regulation and market structure.
The U.S. House Committee on Financial Services announced that 'Cryptocurrency Week' officially launched on July 14, and will review three key blockchain industry bills. These three bills are the (Digital Asset Market Clear Act) (CLARITY Act), the (U.S. Stablecoin National Innovation Guidance and Establishment Act) (GENIUS Act), and the (Anti-Central Bank Digital Currency Monitoring National Act).
Source: U.S. House Committee on Financial Services. The U.S. 'Cryptocurrency Week' officially launched on July 14, and will review three key blockchain industry bills.
The (Digital Asset Market Clear Act) was introduced by Republican Congressman French Hill at the end of June, aiming to provide a regulatory framework for the digital asset industry, clearly defining the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill will grant the CFTC 'exclusive regulatory jurisdiction' and require cryptocurrency exchanges and brokers to register with the commission.
The (GENIUS Act) is a highly anticipated stablecoin regulatory framework, proposed by bipartisan lawmakers in February and passed in the Senate with bipartisan votes on June 17. The bill stipulates that 'issuers must maintain reserves to support stablecoins on a one-to-one basis, using U.S. dollars or other designated similar liquid assets.'
Strong industry lobbying efforts but regulatory agencies show divergent attitudes.
Major cryptocurrency companies like Coinbase are actively lobbying. On July 7, the 'Stand With Crypto' organization, initiated by Coinbase, sent a letter signed by 65 different executives from cryptocurrency companies to lawmakers, urging Congress to pass the (CLARITY Act).
However, these bills also face strong opposition. The American Financial Reform organization (AFR) criticized the (CLARITY Act) as a 'massive deregulation bill supported by super-wealthy venture capital firms and cryptocurrency billionaires providing large campaign contributions and lobbying power.' Senator Elizabeth Warren also opposed the bill, pointing out that 'public companies like Meta or Tesla can simply decide to put their stocks on the blockchain and then escape all SEC regulations.'
Probability assessments vary; market views show divergence.
According to data from the prediction market Polymarket, the probability of the (CLARITY Act) being signed into law in 2025 is 52%, reflecting the market's cautious attitude towards the bill's prospects. In contrast, the (GENIUS Act) has garnered more optimistic expectations, with market participants believing the bill has a 92% chance of passing this year.
Source: Polymarket user predictions on the probabilities of the (CLARITY Act) and (GENIUS Act) passing.
The (GENIUS Act) has garnered higher support primarily because it has undergone more debate and revisions in both the House and Senate. When the bill passed the Senate in mid-June, Democratic Senator Kirsten Gillibrand stated that it 'targets illegal finance, restricts large tech companies, establishes ethical guardrails, and strengthens national security.'
As for the (Anti-Central Bank Digital Currency Monitoring National Act), the House Fundraising Committee and the Oversight Subcommittee have announced a hearing on July 16. Although pro-crypto lawmakers hope to pass the three bills within a week, given the slow pace of Washington's legislative process, this seems like a rather high hurdle.
Further Reading
The GENIUS Act passes the Senate! Focusing on U.S. dollar dominance and consumer protection, waiting for House review.
The GENIUS Act enters the sprint phase! Trump can't wait: Send it to my office, I want to sign it.
Crypto Mom reminds: Tokenized stocks are still securities, and blockchain cannot exempt stocks from regulation!
This content was generated by Crypto Agent aggregating various information, reviewed by (Crypto City), and is currently in a training phase. There may be logical deviations or information errors; the content is for reference only and should not be considered investment advice.
'U.S. House 'Crypto Week' starts on 7/14! What are the three major crypto bills? Will they pass?' This article was first published in 'Crypto City'.
