US Congress Advances Landmark Stablecoin Bill During Key Crypto Week

The United States Congress is currently navigating a critical legislative period, often referred to as “Crypto Week,” spanning July 14 to July 18. This concentrated effort seeks to forge a definitive regulatory framework for the burgeoning digital asset industry, with a particular emphasis on stablecoins. The expedited timeline, which could see a stablecoin bill reach President Trump’s desk by the week’s end, underscores a significant bipartisan drive to instill regulatory clarity in this dynamic sector, even as questions persist regarding widespread adoption and potential conflicts of interest.

• US Congress’s “Crypto Week” (July 14-18) focuses on digital asset regulation, especially stablecoins.
• Three key bills under consideration: GENIUS Act, Clarity Act, and Anti-CBDC Surveillance Act.
• The GENIUS Act, establishing a stablecoin framework, has passed the Senate and is on an expedited path to the President.
• The Clarity Act aims to define regulatory oversight for cryptocurrencies by the SEC and CFTC.
• The Anti-CBDC Surveillance Act seeks to prevent the development of a US central bank digital currency.
• While bipartisan support is evident, concerns regarding potential conflicts of interest have been raised.

Legislative Agenda for “Crypto Week”

The legislative agenda for this pivotal week revolves around three distinct pieces of legislation: the Digital Asset Market Clarity Act of 2025 (the Clarity Act), the Anti-CBDC Surveillance Act, and the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act. Although initial discussions included combining the GENIUS and Clarity Acts, they are now slated for separate votes. The House Rules Committee initiated its review and discussion of each bill on Monday, July 14, at 4:00 p.m. Eastern Time, with legislative observers anticipating robust bipartisan support for their eventual passage.

The GENIUS Act: Expediting Stablecoin Regulation

The GENIUS Act, designed to establish a comprehensive framework for stablecoins, has already successfully passed the Senate. Should it clear the House of Representatives, it would be directly transmitted to President Trump, marking it as the inaugural substantial piece of federal legislation concerning cryptocurrencies. This landmark act could arrive at the President’s desk as early as Friday, July 18, or the subsequent Monday, contingent upon the House vote’s progression. This accelerated legislative path reflects a long-standing demand from crypto industry participants for tailored regulatory guidelines, a goal vigorously pursued through sustained lobbying and recent election campaigning efforts. As Representative Bo Hines highlighted, “Huge week ahead — it’s Crypto Week in the House! GENIUS heads to the President’s desk. Clarity moves to the Senate. Time to make America the Crypto Capital of the World. 🇺🇸💥”

The Clarity Act and Anti-CBDC Surveillance Act

Complementing the proposed stablecoin framework, the Clarity Act is designed to delineate how various cryptocurrencies should be regulated by key agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This bill has garnered broad congressional support, demonstrated by its passage through the House Agriculture Committee with a commanding 47–6 vote and the Financial Services Committee with a 32–19 vote. The third significant bill, the Anti-CBDC Surveillance Act, aims to prevent the United States from developing or issuing a central bank digital currency. A separate version of this bill had previously passed the House in 2024, indicating consistent legislative intent on this matter.

Industry Impact and Implementation Challenges

While the potential enactment of these bills is largely viewed as a positive advancement for stablecoins and the broader crypto industry, it is important to note that significant operational adjustments for businesses could require months, or even years, to fully implement, and for lawmakers to draft comprehensive implementing rules. A recent report from Moody’s Ratings underscores that while the GENIUS Act could profoundly impact financial institutions, stablecoins will need to offer distinct advantages over existing payment systems to achieve widespread adoption. The report suggests that without sufficient incentives from issuers, broad market penetration for stablecoins remains unlikely.

Bipartisan Momentum Meets Ethical Concerns

Despite the evident bipartisan momentum behind these legislative efforts, some Democratic lawmakers have voiced concerns regarding potential ethical conflicts. Representative Stephen Lynch and Representative Maxine Waters have specifically cited President Trump’s crypto dealings as a possible conflict of interest. Representative Waters stated, “These bills serve as a brazen stamp of approval for the blatant abuse of power we’re witnessing in real time.” These reservations highlight the ongoing and complex debate surrounding the intersection of political influence and the rapidly evolving digital asset landscape.