When the House of Representatives gavels in today, the chamber will devote its entire floor schedule to what Republican leaders are calling “Crypto Week,” a coordinated push to vote on three high-profile digital-asset bills: the Senate-passed Genesis of Electronic Notes and Issuance Under Supervision (GENIUS) Act, the Anti-CBDC Surveillance State Act, and the Digital Asset Market Clarity (CLARITY) Act. Majority Leader Steve Scalise cast the moment in sweeping terms, saying the package “further[s] the President’s pro-growth and pro-business agenda, and provide[s] a clear regulatory framework for digital assets.”
Stablecoins. The GENIUS Act, which cleared the Senate 68-30 in June, would require any issuer of a crypto stablecoin to hold reserves “backed one-to-one by US currency or other similarly liquid assets” and to publish a monthly breakdown of those reserves. Because the bill has already passed the upper chamber, a clean House vote would send it directly to President Trump, who has publicly promised to sign it.
Market structure. The 236-page CLARITY Act carves crypto assets into three buckets—securities, commodities, and “permitted payment stablecoins”—and removes the last two from the statutory definition of a security. Section-by-section summaries note that the measure directs the SEC and CFTC to write parallel rulebooks and creates provisional registration regimes for exchanges, brokers, and custodians. Unlike GENIUS, CLARITY has not yet been taken up in the Senate; Banking Committee Chair Tim Scott has promised a hearing “by the end of September,” but no legislative text exists in that chamber.
Democrats, who were pivotal in sending GENIUS through the Senate, are signaling sharper resistance in the House. Rep. Maxine Waters, the ranking Democrat on Financial Services, derided the GOP branding as “‘Anti-Crypto Corruption Week,’ calling all three bills dangerous pieces of crypto legislation.”
The legislative drumbeat has coincided with a fresh all-time-high in Bitcoin above $121,000 and a rally in altcoins. Independent trader Cas Abbé summed up the mood via X: “US House has designated July 14–18 as ‘crypto week’…It’s expected that all of them will be passed in 2025, which will set the stage for a massive rally.”
At press time, the total crypto market cap was at $3.75 trillion.
