Upcoming Crypto Legislation in the US House
Republican leaders in the US House are gearing up to consider three significant cryptocurrency bills during what they’re calling “Crypto Week,” set for mid-July.
Chairman French Hill of the House Finance Committee and Glen Thompson of the Agriculture Committee, along with Speaker Mike Johnson, announced that from July 14 to 18, they would focus on the Crypto Market Structure Bill, the Stablecoin Bill, and legislation regarding Central Bank Digital Currencies (CBDCs).
Johnson noted that Republicans are making crucial moves to advance President Trump’s digital asset agenda, emphasizing the importance of this upcoming legislative session.
“During ‘Crypto Week,’ we anticipate an efficient review of these critical laws: the clear law, CBDC surveillance law, and the Senate’s Genius Act,” he mentioned.
The push comes after Trump expressed a desire last month for the Genius Act to be passed before Congress breaks in August.
This bill aims to deliver on Trump’s crypto-focused campaign promises, which received significant backing from the crypto sector.
Focus on the Genius Act
The House seems set to prioritize the Senate-led Genius Act over a similar bill known as the Stable Bill, which was approved by the House Finance Committee in May but hasn’t made it to the floor for a vote yet.
The Genius Act passed in the Senate last month with bipartisan support. If the House agrees, it will be sent to Trump for signing.
However, legal analysts suggest that the House could propose amendments to key sections, including issuer eligibility and compliance requirements. If amendments happen, the bill would need to return to the Senate for approval.
Some legal experts, like those from Troutman Pepper, predict that both chambers might establish a committee to reconcile the differences between the Genius Act and Stable Act, with joint approval necessary before moving to Trump.
A notable distinction in the bills is the approach to oversight, where the Stable Act involves federal regulation for stablecoin issuers, while the Genius Act allows for state-level oversight.
Potential for Presidential Approval
The Crypto Market Structure Bill, also known as the Clarity Act, could soon be on Trump’s desk following the House Financial Services and Agriculture Committees’ progress on June 10.
This bill still needs Senate approval and seeks to define the jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission over cryptocurrency.
To register with the CFTC, most crypto exchanges will be required to establish protocols for transparency, asset segregation, and record-keeping.
Some inside the White House, like crypto policy advisor Robert “Bo” Hines, are hopeful that this clarity will pass through the House soon.
Conversely, Democrats have expressed strong opposition to both the Genius and Clarity Acts, mainly due to concerns about Trump and his family’s growing influence in the crypto space.
Concerns Over CBDCs
The final piece of legislation under review is the CBDC surveillance bill, actively moving forward in the Senate to expedite legislative progress.
This bill would allow the Federal Reserve to explore and issue digital currencies while preventing central banks from directly offering financial products to individuals.
Initially put forth by House Majority Whip Tom Emmer, the bill faced a setback when it expired after passing the House in May 2024. It has since been reintroduced and, while the House Finance Committee approved a version in April, the Senate’s version remains stalled in the Banking Committee.
