US Republicans Declare ‘Crypto Week’ to Mull 3 Crypto Bills – Is This Real Life?

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In a move that can only be described as “classic Washington,” US Republican House leaders have promised to delve into three crypto bills during the glorious spectacle known as “Crypto Week.” Ah, yes, that time of year when lawmakers put their collective minds together to figure out how to wrangle in the digital asset circus. The dates to mark on your calendar? Mid-July, specifically from the 14th to the 18th, because nothing screams “crypto regulations” like mid-summer brainpower.

House Finance Committee Chair French Hill, House Agriculture Committee Chair Glenn Thompson, and Speaker Mike Johnson stood proudly on Thursday to announce their plans to wade through a crypto market structure bill, a stablecoin bill, and of course, the ever-so-popular central bank digital currency (CBDC) bill. Truly, it’s the summer blockbuster you never asked for. 🍿

“House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda,” Johnson remarked, likely while adjusting his tie. His words, dripping with hope, promise a world where crypto rules the day. Oh, what a time to be alive.

“During ‘Crypto Week,’ the House looks forward to the timely consideration of three landmark pieces of legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act,” he added. GENIUS, really? Somebody has a flair for drama. 💡

Crypto Week Image

President Trump, who’s practically living in the blockchain era at this point, has even jumped on board. Last month, he made it clear he wants the GENIUS Act passed before Congress heads off for their August vacation. And, let’s be real, if there’s one thing Trump knows, it’s how to hustle for a quick win.

The bills aim to fulfill the promises Trump made to his crypto-loving fanbase, a crowd that’s thrown money at his campaign like it’s a pre-ICO investment. Gotta love that loyalty, right?

GENIUS Considered Over STABLE

In a move so savvy it could only be described as “political chess,” the House is seemingly choosing the Senate-led GENIUS Act over their own STABLE Act. Why, you ask? Well, the Senate passed GENIUS with bipartisan support—meaning it’s almost got the *seal of approval* from both sides of the aisle. The STABLE Act, on the other hand, is gathering dust after passing the House Finance Committee back in May. Feels like high school group projects, doesn’t it?

Legal minds at Pillsbury Law pointed out that the House might tweak the GENIUS Act before sending it to Trump, particularly when it comes to the rules about issuer eligibility and, of course, state vs. federal oversight. Because, why not add a bit of drama to the mix?

If they make changes, you can bet your crypto wallet that it’s going back to the Senate for some red ink. And if they still can’t agree? A bipartisan committee might be formed to “reconcile” the two bills. Ah, yes, the beauty of government at work. 💼

And let’s not forget the *fun* difference between these two bills: the STABLE Act calls for strict federal oversight, while the GENIUS Act gives states more power. Because why would we want things to be simple, when they can be complicated, right?

CLARITY Could Be Next on Trump’s Desk

But wait, there’s more! The CLARITY Act, which is actually a crypto market structure bill, might be heading to Trump’s desk soon too. The House Financial Services and Agriculture Committees gave it a thumbs-up on June 10. It’s now just a matter of waiting for the full House to agree to this “clarification” of crypto rules, which will tell everyone just who has control over crypto exchanges.

This bill, if it passes the Senate, could put most crypto exchanges under the watchful eye of the CFTC. Because who doesn’t love a bit of extra red tape to navigate through? 📜

Crypto Market Bill Image

Of course, Democrats aren’t exactly throwing a party over this. They’ve raised concerns about the growing crypto empire of Trump and his family. Apparently, a crypto exchange, stablecoin, and multiple tokens might give the impression of a budding crypto dynasty. But hey, what’s a little competition between friends? 🏦

GOP Bill Aims to Ban CBDCs

Now, for the grand finale—The Anti-CBDC Surveillance State Act! Oh yes, this bill seeks to prevent the Federal Reserve from dabbling in digital currencies. After all, why should the government control the money supply when private entities are doing just fine? The bill would also prevent the Fed from offering any direct financial products. The House passed a version last May, and now it’s back in the spotlight.

The bill was first introduced by House Majority Whip Tom Emmer, who clearly has a penchant for digital assets. But don’t get too excited just yet—the bill passed in May 2024, but it expired at the end of the last Congress. But fear not! It’s been revived and now has a new chance to see the light of day. The Senate still has its own version sitting in the Banking Committee, but who’s counting?

If you thought the drama was over, think again. The Senate and House might form a committee to iron out the differences. I’m sure that’ll be quick and painless. 🕒

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2025-07-04 07:51