US House Republicans launch "Crypto Week"

After the passage of the "One Big Beautiful Bill Act" by Congress, House Republicans are launching "Cryptocurrency Week" with an intensive legislative push aimed at reshaping the U.S. cryptocurrency regulatory framework and preventing future digital currency issuance by state governments. This initiative is seen as part of a broader plan by the Trump administration to establish U.S. leadership in global crypto innovation.

Core Content of Cryptocurrency Week:

The House plans to focus on three important cryptocurrency bills during the week of July 14: the "CLARITY Act," the "Anti-CBDC Surveillance State Act," and the "GENIUS Act." Republican lawmakers emphasize that these bills will bring regulatory certainty to the digital asset market while effectively preventing the Federal Reserve from issuing a Central Bank Digital Currency (CBDC).

House Financial Services Committee Chairman French Hill (R-AR) stated, "After years of effort in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets." This framework aims to protect consumer rights, enhance regulatory transparency, and explicitly prohibit the Federal Reserve from issuing a CBDC.

House Agriculture Committee Chairman GT Thompson (R-PA) remarked, "The industry has long called for a clear regulatory framework. The House Agriculture Committee has worked alongside the Financial Services Committee to finalize the CLARITY Act, which will soon be voted on by the House and sent to the Senate for consideration."

Progress of Cryptocurrency Week Legislation:

Anti-CBDC Surveillance State Act: Passed the House Financial Services Committee in April with a vote of 27 in favor and 22 against. This bill, introduced by Congressman Tom Emmer (R-MN), aims to prevent the Federal Reserve from issuing a digital dollar based on concerns over financial surveillance and the Fed transitioning to a retail banking institution.

CLARITY Act: Approved by the House Financial Services and Agriculture Committees in June. This bill would strip the U.S. Securities and Exchange Commission (SEC) of its oversight authority over the cryptocurrency industry.

GENIUS Act: Passed the Senate in June and is currently awaiting a vote in the House.

Congressman Tom Emmer (R-MN) emphasized that these bills will safeguard financial privacy and strengthen the U.S.'s leading position in blockchain innovation, ultimately making America a leader in the global cryptocurrency space. "Innovators in the U.S. will have a clearer understanding of the regulatory environment, enabling them to grow domestically while ensuring that the future of the digital economy reflects our values of privacy, personal sovereignty, and free market competition."

Coordination Between State Legislation and Federal Policy:

Senator Cynthia Lummis (R-WY) noted that this federal action aligns with the legislative direction of some states. "Wyoming has actively embraced digital assets for nearly a decade, and we are pleased to see the federal government beginning to follow the Cowboy State's lead." She also expressed support for passing comprehensive stablecoin legislation to establish clear market rules and ensure that any CBDC respects the privacy and financial freedoms of Americans.