Crypto Week is underway in the U.S. House of Representatives, promising 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 safely providing cryptocurrency asset custody services.
In the coming days, U.S. lawmakers will consider the GENIUS Act, the CLARITY Act, and the Anti-State CBDC Surveillance Act. All three 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 Innovation and Regulation Act (GENIUS Act), aimed at establishing a regulatory framework for stablecoins. The bill was passed in the Senate in June with bipartisan support, and according to 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 expressed a willingness to sign the GENIUS Act into law.
Chairman Tim Scott stated: “The actions of the House mark 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 the stablecoin legislation, and I look forward to seeing the GENIUS Act enacted into law.”
Market Optimism
Investor optimism regarding the bill is also very high. Data from Polymarket, a prediction platform, shows a 94% probability of this bill passing. This legislation has the potential to boost the stablecoin market, legitimize this asset class, and could create positive impacts on Ethereum (ETH), the primary platform for stablecoins.
Ryan Sean Adams, CEO of Bankless, shared: “The GENIUS Act will bring trillions of stablecoins to Ethereum – all the largest banks in the world will use Ethereum. If the GENIUS Act is passed, ETH will rise 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 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 collaboration and leadership, and I am ready to work with the Senate to advance the independent market structure legislation before the end of September.”
Anti-State CBDC Surveillance Act
Finally, on Wednesday, the House will also vote on the Anti-State CBDC Surveillance Act. This law aims to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). The 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 legislation and market structure, along with the ban on CBDC, will ensure that the U.S. wins the Web3 race. This legislative package encourages innovation and the growth of Web3 businesses in the U.S., protects consumers from fraud, and allows us to compete effectively with rivals, ensuring that America dominates the future of blockchain technology.”
Conclusion
The proposed bills reflect a growing 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.
