House Republicans, led by Speaker Mike Johnson, Financial Services Committee Chair French Hill, and Agriculture Committee Chair GT Thompson, have designated July 14, 2025, as “Crypto Week” to push three landmark bills: the GENIUS Act, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act. Announced on July 3, 2025, this legislative blitz aims to deliver President Trump’s vision of making the U.S. the “crypto capital of the world,” focusing on stablecoin regulation and broader market structure reforms.
The GENIUS Act, passed by the Senate on June 17, 2025, with a 68-30 bipartisan vote, establishes a regulatory framework for stablecoins like Circle’s USDC and Tether’s USDT. It requires adherence to anti-money laundering regulations, yearly audits for issuers with a market capitalization of more than $50 billion, and 1:1 backing with US dollars or liquid assets. Foreign issuers face stricter U.S. market access guidelines, addressing concerns about Tether’s reserves. The House will vote on the Senate’s version to meet Trump’s August deadline, sidelining its own STABLE Act to avoid delays.
The Clarity Act, advanced by House committees on June 10, 2025, with strong bipartisan support (47-6 in Agriculture, 32-19 in Financial Services), assigns the CFTC primary oversight of digital asset spot markets, reducing SEC jurisdiction. It requires crypto platforms to segregate customer funds and bans regulators from forcing custodians to hold client assets on balance sheets. The bill aims to resolve ambiguities exposed by the FTX collapse, though House leaders like French Hill insist it must pass alongside stablecoin legislation for a functional crypto ecosystem.
With the support of Trump’s cryptocurrency advisor Bo Hines, Mike Johnson, French Hill, and GT Thompson are spearheading this initiative to increase investor confidence and draw in institutional funding. Treasury Secretary Scott Bessent predicts the stablecoin market could hit $3.7 trillion by 2030, up from $261.5 billion, with USDC (valued at $44.2 billion) and USDT poised to benefit from compliance clarity. However, Democrats, led by Senators Elizabeth Warren and Jeff Merkley, criticize the GENIUS Act for weak consumer protections and failure to curb Trump’s $620 million crypto profits, raising ethical concerns.
With the support of Trump’s cryptocurrency advisor Bo Hines, Mike Johnson, French Hill, and GT Thompson are spearheading this initiative to increase investor confidence and draw in institutional funding. Treasury Secretary Scott Bessent predicts the stablecoin market could hit $3.7 trillion by 2030, up from $261.5 billion, with USDC (valued at $44.2 billion) and USDT poised to benefit from compliance clarity. However, Democrats, led by Senators Elizabeth Warren and Jeff Merkley, criticize the GENIUS Act for weak consumer protections and failure to curb Trump’s $620 million crypto profits, raising ethical concerns.
