Crypto Week is underway in the U.S. House of Representatives and promises to advance the process for three important cryptocurrency bills. The start of this week has been very favorable; yesterday, federal banking agencies issued a joint statement guiding banking organizations on the safe provision of cryptocurrency asset custody services.
In the coming days, U.S. lawmakers will review the GENIUS Act, the CLARITY Act, and the Anti-State Surveillance CBDC Bill. All three of these bills mark a significant step forward for the cryptocurrency industry.
GENIUS Act: Establishing a Framework for Stablecoins
The most prominent bill among these is the U.S. Stablecoins National Framework and Innovation Act (GENIUS Act), aimed at establishing a regulatory framework for stablecoins. The bill passed the Senate in June with bipartisan support, and according to information from Politico, the House is expected to vote on this bill on Thursday.
Once passed, the bill will be sent to President Donald Trump, who has shown a willingness to sign the GENIUS Act into law.
Chairman Tim Scott stated: "The House's action marks a historic milestone in our efforts to provide a clear framework and support innovation for digital assets. I commend my colleagues in the House for advancing legislation on stablecoins, and I look forward to seeing GENIUS enacted into law."
Market optimism
Investor optimism regarding the bill is also very high. Data from Polymarket, a prediction platform, indicates that the probability of this bill passing is up to 94%. This bill not only has the potential to boost the stablecoin market but also to legalize this asset class, while also potentially having positive impacts on Ethereum (ETH), the primary platform for stablecoins.
Ryan Sean Adam, CEO of Bankless, stated: "The GENIUS Act will bring trillions of stablecoins to Ethereum – all of the largest banks in the world will use Ethereum. If the GENIUS Act is passed, ETH will increase in value. Ethereum will become the global ledger and ETH will be considered a global reserve asset."
CLARITY Act: Clarifying Jurisdiction
The second bill, the Digital Asset Market Clarification Act (CLARITY Act), aims to clarify the jurisdictional divide between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating digital assets. In June, this bill received strong support from both the House Financial Services Committee and the Agriculture Committee. Lawmakers will vote on the CLARITY Act next Wednesday.
Chairman French Hill emphasized: "I thank my colleagues in Congress and the Trump Administration for their cooperation and leadership, and I look forward to working with the Senate to advance legislation on independent market structure before the end of September."
Anti-State Surveillance CBDC Bill
Finally, on Wednesday, the House will also vote on the Anti-State Surveillance CBDC Bill. This law aims to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). This bill addresses concerns about government surveillance and aims to protect individual privacy. If passed, the bill will be sent to the Senate.
Representative Bryan Steil stated: "The passage of stablecoin and market structure legislation, along with the ban on CBDCs, will ensure that the U.S. wins the Web3 race. This legislative package encourages innovation and the development of Web3 businesses in the U.S., protects consumers from fraud, and allows us to compete effectively with adversaries, ensuring that America dominates the future of blockchain technology."
Conclusion
The proposed bills reflect an increasing consensus on the need for clear frameworks to support the cryptocurrency industry while ensuring consumer protection and fostering innovation. The outcomes of these bills could significantly shape the future of digital asset regulation and the role of the U.S. in the global cryptocurrency ecosystem.
