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23h ago

House Kicks Off ‘Crypto Week’ with Votes on Stablecoin Oversight and CBDC Ban

Presented by Republicans as essential to bringing digital assets under federal guard for mainstream use, the legislation prompts Democratic demands for stronger consumer safeguards alongside ethics oversight.

Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
Republican presidential nominee and former U.S. President Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024. REUTERS/Kevin Wurm/File Photo
Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration/File Photo

Overview

  • House Republicans have designated July 14–18 as “Crypto Week” to fast-track votes on three bills: the GENIUS Act, CLARITY Act and Anti-CBDC legislation.
  • The GENIUS Act, already approved by the Senate with bipartisan support, would impose liquid-asset backing and monthly reserve disclosures on dollar-pegged stablecoins.
  • The CLARITY Act seeks to define digital-asset classifications as commodities or securities and expand Commodity Futures Trading Commission jurisdiction over crypto markets.
  • A separate House measure would ban the Federal Reserve from issuing a retail central bank digital currency over privacy concerns.
  • President Trump has pledged to sign the GENIUS Act if passed, while Democratic lawmakers demand tougher consumer protections and warn of ethics risks linked to his personal crypto holdings.