The Republican Party has launched a new wave of cryptocurrency legislation in Congress, announcing plans to advance three major bills in the House of Representatives in mid-July, marking what they’ve dubbed “Crypto Week.” The move is widely seen as a full embrace of former President Donald Trump’s digital asset policies and could significantly reshape the U.S. crypto regulatory framework before Congress adjourns for recess.
House Speaker Mike Johnson, Financial Services Committee Chair French Hill, and Agriculture Committee Chair Glenn Thompson jointly announced that “Crypto Week” will take place from July 14 to 18, focusing on three landmark bills: the CLARITY Act (which defines the regulatory structure of crypto markets), the Anti-CBDC Surveillance State Act (which prohibits the Federal Reserve from developing a central bank digital currency), and the already Senate-passed GENIUS Act (which sets the rules for stablecoin issuance).
“We are delivering on President Trump’s promise for leadership in the digital asset space,” said Speaker Johnson. “This is not only a victory for technological innovation but a defense of financial freedom.”
House Likely to Favor GENIUS Act Over STABLE Act
Of the three bills, the GENIUS Act—pushed through the Senate with bipartisan support—is drawing the most attention. It establishes a regulatory foundation for stablecoins and allows state regulators to authorize stablecoin issuers. This contrasts sharply with the House’s own STABLE Act, which advocates for strict federal oversight of issuers.
Although the STABLE Act was approved by the House Financial Services Committee in May, it has yet to be brought to the House floor. Analysts suggest that the House may instead adopt the GENIUS Act to expedite the legislative process. If passed in its current form, it could be sent directly to Trump for signature, enshrining it into law.
However, some Republican lawmakers and legal advisors are already proposing amendments to key provisions of the GENIUS Act—such as eligibility criteria for issuers, regulatory hierarchy, and compliance obligations. If changes are made, the bill would need to return to the Senate for reapproval.
Meanwhile, the CLARITY Act, which seeks to clarify the regulatory authority of the Securities and Exchange Commission (SEC) versus the Commodity Futures Trading Commission (CFTC), was approved by both the House Financial Services and Agriculture Committees on June 10. It is currently awaiting a full House vote.
The bill would require most crypto trading platforms to register with the CFTC and establishes compliance standards such as asset segregation, disclosure, and recordkeeping. If it passes both chambers, the CLARITY Act could become the first crypto law signed by Trump upon his return to the White House.
GOP Pushes Anti-CBDC Bill to Prevent “Government Financial Surveillance”
The third major bill on the Crypto Week agenda is the Anti-CBDC Surveillance State Act, led by Rep. Tom Emmer. The bill aims to fully prohibit the Federal Reserve from developing, testing, or issuing a central bank digital currency (CBDC). It also bars the Fed from offering financial services directly to individuals, arguing such a system would enable “total government tracking of personal transactions.”
Originally passed by the House in 2024, the bill failed to advance due to congressional turnover. After being reintroduced in the current session, it cleared the House Financial Services Committee in April, though its Senate version remains stalled in the Banking Committee.
Republican lawmakers argue that a digital dollar could pose “unprecedented risks of government control and surveillance,” and they emphasize that legislation like this is essential to preserving financial freedom in the U.S.
Democrats Push Back, Raise Conflict of Interest Concerns
While Republicans are pushing ahead, Democrats have voiced strong opposition. Several Democratic lawmakers argue the bills are designed to pave the way for Trump and his family to build a “crypto empire”—especially amid reports that the Trump family plans to launch a crypto exchange and issue stablecoins and tokens.
Democrats also warn that the bills lack sufficient investor protection mechanisms and could undermine federal regulatory authority in the crypto space.
Nonetheless, Crypto Week marks a critical moment for U.S. digital asset policy. Whether or not all three bills pass, the issues they address—market structure, stablecoin oversight, and CBDC restrictions—are expected to shape the trajectory of the American crypto industry for years to come.
With Trump and the GOP continuing to attract political and financial backing from the crypto sector, the U.S. may be headed toward a more relaxed, decentralized approach to crypto regulation on the global stage. The crypto industry is watching closely.