The week of July 14th has been declared “Crypto Week” by the House of Representatives.
House Committee on Financial Services Chairman French Hill (R-AR-02), House Committee on Agriculture Chairman GT Thompson (R-PA-15), and House Leadership made this announcement earlier this month.
During next week, House members will vote on three crypto-related bills, including the GENIUS Act.
Senator Bill Hagerty (R-TN) introduced this bill in May. The Senate passed this bill last month, with a vote of 68 to 30.
This bill defines stablecoins as digital assets used for payment or settlement that are pegged to a fixed monetary value. The GENIUS Act creates clear procedures for institutions wanting to issue stablecoins.
Approved issuers of stablecoin would need to provide backing of the payment on a “one-to-one basis using U.S. currency.”
Issuers with over $10 billion in stablecoins will be subject to the Federal Reserve’s regulatory framework, whereas issuers with less than this amount may be subject to a state regulatory framework.
In response to the news, Hagerty thanked his House colleagues for moving quickly on these three crypto-related bills.
“2025 is set to be a pivotal year for digital asset legislation, and next week marks a pivotal milestone in this agenda. These pieces of legislation are vital to ensuring America is at the forefront of innovation in the digital asset space,” the senator explained.
Hagerty added that he looks “forward to enacting the GENIUS Act into law.”
The other two bills the House will consider are the CLARITY Act and the Anti-CBDC Surveillance State Act.
The CLARITY Act attempts to establish a regulatory framework for digital assets in the United States. A group of bipartisan House members introduced this bill in May.
The Anti-CBDC Surveillance State Act seeks to ban the federal government from issuing a central bank digital currency. Representative Tom Emmer (R-MN-06) introduced this bill in March.
Speaker of the House Mike Johnson (R-LA-14) said House Republicans are “taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda.”
He added that the House looks forward to taking action on these three bills and having President Donald Trump sign these bills into law in the future.
If the House passes the CLARITY Act and Anti-CBDC Surveillance State Act, they would then be sent to the Senate for deliberation.
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Zachery Schmidt is the digital editor of The Star News Network. Email tips to Zachery at [email protected].
