- U.S. House to vote on three major crypto bills during Crypto Week starting July 14.
- CLARITY Act proposes CFTC oversight for digital assets on mature blockchains.
- GENIUS and Anti-CBDC bills target stablecoin rules and CBDC issuance limits.
Lawmakers in the United States are preparing to vote on three major cryptocurrency bills as part of a legislative push scheduled to begin on July 14. The initiative, referred to as “Crypto Week,” marks a unified effort by Congress to define market structure rules for digital assets, introduce a national stablecoin framework, and block the issuance of a central bank digital currency (CBDC). The House Financial Services Committee confirmed the session, which will address longstanding concerns over regulatory clarity for the blockchain industry.
One of the major bills under consideration is the Digital Asset Market Clarity Act, introduced by Representative French Hill. The legislation proposes a formal framework for determining regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill asserts that digital asset transactions on mature blockchains should not fall under existing securities registration rules.
The Act defines “mature” blockchains as decentralized networks with digital commodities primarily derived from their operational utility. Such blockchains must not impose user restrictions and must limit individual holder ownership to less than 20%. Under this bill, regulatory jurisdiction for qualifying assets would shift exclusively to the CFTC. Crypto exchanges and brokers would be required to register with the CFTC and comply with recordkeeping, reporting, and antitrust provisions.
Stablecoin Rules Advance After Bipartisan Senate Passage
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) is also on the docket. This bill, which cleared the Senate in June with bipartisan support, outlines requirements for stablecoin issuance and reserve management. Issuers would be subject to the Bank Secrecy Act and must maintain one-to-one reserves using U.S. dollars or other liquid assets as defined by law.
The GENIUS Act also contains measures to address insolvency events involving stablecoin issuers, aiming to protect end users and the financial system. The House is expected to review this legislation following increased pressure from both industry and lawmakers to create a transparent and enforceable standard for dollar-backed digital tokens.
Legislation Targets Central Bank Digital Currency Restrictions
The third bill set for a vote is the Anti-CBDC Surveillance State Act, introduced by Representative Tom Emmer. This legislation seeks to prohibit the Federal Reserve from issuing a CBDC directly or through intermediaries. The bill assigns exclusive authority to Congress for authorizing any form of digital dollar issuance.
The measure also stops the possibility of a CBDC enforcing monetary policy instruments and limits potential surveillance activities. It has received backing of different groups such as Blockchain Association, Scheme of Things at the Digital Chamber of Commerce and banking interest groups.
