The US House of Representatives is scheduled to consider amendments to three crypto-related bills this week addressing central bank digital currencies (CBDCs), digital asset market structure and payment stablecoins.
On Monday, the Republican-led House Committee on Rules will meet to discuss the Anti-CBDC Surveillance State Act, the Digital Asset Market Clarity (CLARITY) Act and the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, as part of the party’s “crypto week” push.
Discussions of the three bills included several amendments submitted by Democratic lawmakers to address what they called crypto “corruption” in the US government.
The GENIUS Act, which is expected to be Republicans’ priority after the Senate passed the legislation with bipartisan support in June, included four alternative versions of the bill introduced by California Representative Maxine Waters.
The lawmaker has spearheaded many of the Democrats’ efforts in the House to push back against the bills, citing US President Donald Trump’s alleged conflicts of interest through his family-backed crypto company World Liberty Financial, its stablecoin, USD1 and his memecoin, Official Trump (TRUMP).
“This week, the House will consider several crypto bills, including the so-called CLARITY Act and the GENIUS Act, which proponents claim will establish a pro-innovation regulatory framework for crypto that also safeguards consumers and investors,” Waters said in a Monday MSNBC op-ed. “But the reality is that they would be passing bills written by and for the crypto industry.”
Among Waters’ submitted amendments to the GENIUS Act was a provision to block any US president, vice president, members of Congress and their immediate families from promoting or holding crypto.
She also proposed that the US Treasury Secretary “cannot deem a foreign country to have a stablecoin regime comparable to that of the US if the current leader of that country has described themselves as a dictator” — possibly a reference to El Salvador President Nayib Bukele, who called himself the “world’s coolest dictator.”
On the Republican side, Ohio Representative Warren Davidson suggested an amendment to include additional language for “an individual’s right to maintain a hardware wallet or software wallet for the purpose of facilitating the individual’s own lawful custody of digital assets.” The provision was identical to the language used in the CLARITY Act.
House floor votes possible before August recess?
The House Committee on Rules meeting will mark the first of what could be several attempts from lawmakers in the chamber to get the crypto bills ready for a floor vote before Congress breaks for an August recess. According to the congressional calendar, the House will have only eight days in session in July before going on recess.
“I believe the bills we will have on the floor this week will protect investors, consumers, and make America as President Trump wants, a leader in financial technology and crypto and digital assets innovation,” said Arkansas Representative French Hill, who chairs the House Financial Services Committee.
Before debate on the amendments to the crypto bills and potential votes, lobbying groups tied to the industry urged lawmakers to pass the legislation. Stand With Crypto, an advocacy organization tied to Coinbase, called for action on the CLARITY Act.
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