What Crypto Week in Congress Means for Stablecoins, CBDCs and Market Rules

U.S. lawmakers may very well get a crypto invoice to the president’s desk. The House is about to vote on market construction and stablecoin laws subsequent week, bringing the U.S. an important step nearer to drafting new guidelines for the trade.

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The narrative

The U.S. House of Representatives is about to vote on a market construction invoice, a stablecoin invoice and a invoice banning a U.S. central financial institution digital forex subsequent week. Perhaps it is untimely to counsel the trade will notch a significant win — however all indicators point out that U.S. President Donald Trump will signal a stablecoin invoice into legislation earlier than the August recess, as his workforce has sought since February.

Why it issues

The crypto trade has lengthy sought “regulatory clarity” by itself phrases — earlier rule proposals it disagreed with had been fervently opposed and the trade’s political motion committees poured tens of thousands and thousands of {dollars} into the 2024 elections to attempt and create a Congress that may be friendlier to crypto insurance policies.

Next week, these efforts could repay, because the House of Representatives will get set to vote on a stablecoin invoice that will change into legislation inside weeks and a market construction invoice that might get to the White House earlier than Christmas.

Breaking it down

The House of Representatives dubbed subsequent week — July 14 to July 18 — “Crypto Week.” The predominant occasion would be the House vote on, and anticipated passage of, the “Digital Asset Market Clarity Act of 2025” (Clarity), the Anti-CBDC Surveillance Act and the “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025” (GENIUS).

The House Rules Committee is scheduled to fulfill Monday at 4:00 p.m. ET to focus on every of the payments. That means there could also be a flooring vote, the place your complete House votes, by Tuesday. Though there was some dialogue of packaging the Clarity and GENIUS Acts into one bigger invoice, it seems there’ll as a substitute be separate votes for every of the payments. If the GENIUS Act does obtain its personal vote, U.S. President Donald Trump could signal it into legislation as quickly as subsequent Friday or the next Monday, I’m advised, although at this level none of that is confirmed (and clearly will depend on the precise House vote).

Notably, the House Financial Services Committee confirmed on Thursday that the House would vote on the GENIUS Bill despatched to it by the Senate, and not its personal “Stablecoin Transparency and Accountability for a Better Ledger Economy” (STABLE Act), as beforehand reported by CoinDesk’s Jesse Hamilton.

It is probably going that every one three payments will move, and with bipartisan majorities.

To recap: The Clarity Act will create a framework for how totally different cryptocurrencies are handled by federal regulators, together with the Securities and Exchange Commission and Commodity Futures Trading Commission.

There’s no Senate counterpart to this invoice but, although the Senate Banking Committee has already held a number of hearings on market construction points, and the Senate Agriculture Committee has scheduled a listening to for this upcoming Tuesday on the identical matter. Banking Committee Chairman Tim Scott beforehand mentioned he expects the Senate to wrap up its work on market construction by Sept. 30.

The House’s final effort to move market construction laws, final yr’s Financial Innovation and Technology for the twenty first Century Act, noticed huge bipartisan help with 279 lawmakers (208 Republicans and 71 Democrats) voting in favor of the invoice.

While there is no such thing as a public whip depend but for this yr’s model, the Clarity Act handed out of the House Agriculture Committee with huge bipartisan help (47-6) and the House Financial Services Committee with some bipartisan help (32-19). Either quantity suggests each Democrats and Republicans will vote for the invoice on the House flooring.

The GENIUS Act will arrange a framework for overseeing stablecoins. The Senate already handed the GENIUS Act, that means as soon as the House passes it, it goes to Trump’s desk for his signature into legislation. This may mark the stablecoin invoice as the primary main crypto-focused invoice to change into legislation.

The GENIUS Act may then even be one of many few payments that is not a “must-pass” to undergo the legislative course of, that means it is not a funds invoice and it is not the annual National Defense Authorization Act. While the House is voting on the Senate model and not its personal STABLE Act, up to date House textual content in the Clarity Act would add some extra guidelines round stablecoins.

The Anti-CBDC Surveillance Act would, because the title suggests, ban the U.S. from growing or launching a central financial institution digital forex. The House handed a model of this invoice in 2024 as properly.

In principle, the passage of those payments is optimistic for the trade. Though it could take time for regulators to jot down and implement guidelines after these payments change into legislation, inside the subsequent few years crypto corporations could have agency tips to function inside. Less clear is what these payments may very well do for utilization or adoption.

A current publication by Moody’s Ratings steered that whereas passage of the GENIUS Act will “have significant implications for banks” however that stablecoins writ giant “need to offer a compelling advantage over existing consumer and commercial payment systems” to change into a extra broadly accepted transaction device.

“While there appears to be solid bipartisan political support for U.S. stablecoins, assuming issuers are prohibited from paying any kind of financial incentive, we view the likelihood of a significant shift in domestic payments toward stablecoins as relatively modest,” the report mentioned.

Democrats are elevating concern in regards to the potential for these payments’ passage to allow or additional corruption, with Financial Services Committee Ranking Member Maxine Waters and Rep. Stephen Lynch pointing to Trump’s crypto ventures and their potential for enriching the president.

“These bills serve as a brazen stamp of approval for the blatant abuse of power we’re witnessing in real time,” Waters mentioned in an announcement.

The House Ways and Means Committee can be holding a listening to on crypto taxation subsequent Wednesday, although it hasn’t shared many particulars but.

To recap the schedule for subsequent week, or if you wish to simply see it at a look:

• Monday, July 14, 4:00 p.m. ET: The House Rules Committee will meet and focus on the Clarity Act, GENIUS Act and Anti-CBDC Surveillance Act.
• Tuesday, July 15, 3:00 p.m. ET: The Senate Agriculture Committee will maintain a listening to on market construction laws.
• Tuesday, July 15, time TBA: The House could meet and start voting on all three payments mentioned above.
• Wednesday, July 16, 9:00 a.m. ET: The House Ways and Means Committee will maintain a listening to on crypto taxation.
• Thursday, July 17: Nothing is scheduled (a minimum of proper now).
• Friday, July 18: If the House votes to advance GENIUS on Tuesday, there could also be a invoice signing.

• U.S. House Ditching Its Stablecoin Bill to Back Trump’s Choice From Senate: The House of Representatives will vote on the GENIUS Act subsequent week, Jesse Hamilton reported, somewhat than its personal STABLE Act.
• Circle Has USDC Revenue Sharing Deal With Second-Largest Crypto Exchange ByBit: Sources: Circle had beforehand revealed income sharing agreements with Coinbase and Binance, but in addition has one with ByBit, CoinDesk’s Ian Allison reviews.
• Europe’s Financial Watchdog Probes Malta Over Fast-Track MiCA Authorizations: The European Securities and Markets Authority has reviewed how Malta utilized the Markets in Crypto Assets multinational framework to an unnamed crypto asset service supplier, following CoinDesk’s Ian Allison and Camomile Shumba’s reporting on Malta’s strategy.
• OFAC’s Dropped Sanctions Against Tornado Cash Can’t Come Up at Trial, Judge Says: A federal choose dominated that the U.S. Treasury Department’s now-ended sanctions in opposition to Tornado Cash cannot come up in Tornado Cash developer Roman Storm’s felony trial, which is about to start on Monday and could last as long as 4 weeks.
• TORN Spikes 5% After U.S. Appeals Court Okays End of Another Tornado Cash Lawsuit: But elsewhere, the Eleventh Circuit Court of Appeals dismissed a lawsuit in opposition to Tornado Cash as moot, given the top of the sanctions and a separate federal choose ruling barring the Treasury Department from reinstating sanctions in opposition to Tornado Cash’s sensible contracts.
• SEC Sets July Deadline for Solana ETF Refilings, Clearing Path for Pre-October Approval: The U.S. Securities and Exchange Commission requested candidates for Solana exchange-traded funds to amend their filings by the top of July to resolve excellent points.
• Bitcoin Breaks Fresh Record Topping $116,000: Bitcoin hit a brand new all-time excessive this week. CoinDesk hosted a reside weblog to trace instant evaluation on the information.
• Jack Dorsey Unveils Bitchat: Offline, Encrypted Messaging Inspired by Bitcoin: Jack Dorsey introduced he was engaged on a brand new peer-to-peer messaging device that communicates utilizing Bluetooth and claims to allow encrypted communications. A safety researcher shared some issues about how this might work in follow.
• Former Bitfury Exec Gould Confirmed to Take Over U.S. Banking Agency OCC: The U.S. Senate confirmed Jonathan Gould as the brand new Comptroller of the Currency. Gould was beforehand on the Office of the Comptroller of the Currency, and later the chief authorized officer at blockchain agency Bitfury.

Tuesday

• 14:30 UTC (10:30 a.m. ET) A federal choose held a ultimate in-person pretrial convention for Roman Storm.

Wednesday

• 14:00 UTC (10:00 a.m. ET) The Senate Banking Committee held a listening to on market construction points.

• (The Nation) Last month, Dubai-based Aqua 1 Foundation mentioned it will make investments $100 million in the Trump-affiliated World Liberty Financial. Aqua 1, nevertheless, doesn’t seem to truly exist, reviews Jacob Silverman in The Nation.
• (Wired) McDonald’s makes use of an AI bot to filter candidates, however this bot could have uncovered candidates’ private data to any hacker as a result of “absurdly basic security flaws,” Wired’s Andy Greenberg reviews.
• (The New York Times) The Times has a protracted learn into how U.S. President Donald Trump went from being a crypto skeptic to a pro-crypto president.
• (The Wall Street Journal) Grok, the massive language mannequin synthetic intelligence constructed by xAI — the AI agency related to X, the corporate previously generally known as Twitter — posted some very antisemitic statements, referred to as itself MechaHitler and mentioned the precise Adolf Hitler can be the perfect twentieth century determine to deal with “anti-white hate.” This got here simply days after X proprietor Elon Musk mentioned he was making some adjustments to the bot.
• (404 Media) Polymarket received bizarre after bettors couldn’t come to an settlement over whether or not Ukraine President Volodomyr Zelenskyy wore a go well with or not. He wore some type of formal clothes at a current look, which the Polymarket pool initially resolved as “yes.” UMA token holders disputed that decision, and it was later modified to resolve the wager as “no.” Derek Guy, an knowledgeable on formal clothes and historic clothes types, advised 404 Media that in his view, Zelenskyy’s clothes did qualify as a go well with.

If you’ve received ideas or questions on what I ought to focus on subsequent week or some other suggestions you’d wish to share, be at liberty to electronic mail me at nik@coindesk.com or discover me on Bluesky @nikhileshde.bsky.social.

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See ya’ll subsequent week!