The US House of Representatives’ ongoing ‘Crypto Week’ is set to drive progress for three major crypto bills. The week is already off to a great start. Yesterday, federal banking agencies released a joint statement guiding banking organizations on safely offering crypto-asset safekeeping services.
In the coming days, US lawmakers will consider the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. All three bills signal a significant step forward for the industry.
US Crypto Week: 3 Bills That Could Transform the Industry
The most notable bill under consideration is the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act). The legislation seeks to establish a regulatory framework for stablecoins.
The bill passed the Senate vote in June with bipartisan support. According to Politico, the House of Representatives is expected to vote on it on Thursday.
After that, the bill will land on US President Donald Trump’s desk, who has already shown a willingness to sign the GENIUS Act into law.
“The House’s action marks a historic milestone in our efforts to deliver a clear, pro-innovation framework for digital assets. I commend my colleagues in the House for advancing stablecoin legislation, and I look forward to seeing GENIUS enacted into law,” Chairman Tim Scott said.
Retail optimism about the bill is also high. Data from Polymarket, a prediction platform, indicates a 94% probability of its passage. While the bill is set to boost the stablecoin market and legitimize the asset class, it could also have significant implications for Ethereum (ETH).
Ethereum is the primary platform for stablecoins, so any regulatory changes or improvements related to stablecoins could directly benefit it by increasing its usage or adoption.
“The GENIUS act will bring trillions of stablecoins to Ethereum – all the world’s largest banks will use Ethereum. If GENIUS act passes ETH goes up. Ethereum = world ledger. ETH = world reserve asset,” Bankless CEO, Ryan Sean Adam, posted.
The second bill is the Digital Asset Market Clarity Act. It seeks to clarify the jurisdictional divide between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital asset regulation.
In June, the bill received strong bipartisan support from both the House Financial Services Committee and the Agriculture Committee. Now, lawmakers will vote on the CLARITY Act on Wednesday.
“I thank my colleagues in Congress and the Trump Administration for their partnership and leadership, and stand ready to work alongside the Senate as they work to advance standalone market structure legislation by the end of September,” Chairman French Hill noted.
Lastly, on Wednesday, the House will also vote on the Anti-CBDC Surveillance State Act. The legislation aims to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).
The Anti-CBDC Act addresses concerns over potential government surveillance and seeks to preserve individual privacy. If it passes the House vote, the bill will move to the Senate.
“Passing stablecoin and market structure legislation, alongside a CBDC ban, will ensure the US wins the Web3 race. This package encourages the innovation and development of Web3 businesses here in the United States, protects consumers from fraud, and allows us to outcompete our adversaries, ensuring America dominates the future of blockchain technology,” Representative Bryan Steil added.
The proposed bills reflect a growing consensus on the need for clear frameworks to support the crypto industry while ensuring consumer protection and innovation. The outcome of these bills could significantly shape the future of digital asset regulations and the role of the US in the global crypto ecosystem.
