Home Republican management has designated the week of July 14 as “Crypto Week,” scheduling votes on three landmark digital asset payments that kind the cornerstone of former President Donald Trump’s regulatory agenda. Speaker Mike Johnson (R-La.) introduced the legislative push alongside Monetary Providers Committee Chair French Hill (R-Ark.) and Agriculture Committee Chair GT Thompson, framing it as a decisive step to ship Trump’s cryptocurrency priorities.
The upcoming votes will cowl stablecoin regulation, complete market construction guidelines, and restrictions on central financial institution digital currencies (CBDCs). This transfer follows Trump’s public demand for a stablecoin invoice on his desk by August, accelerating congressional motion throughout a interval sometimes reserved for summer season recess.
Lawmakers will contemplate the Senate-passed GENIUS Act for stablecoins quite than the Home’s different model, signaling a strategic shift to satisfy Trump’s deadline. The choice prioritizes legislative effectivity given the Senate’s prior approval of the invoice.
The GENIUS Stablecoin Framework
The GENIUS Act establishes federal necessities for stablecoin issuers, mandating 1:1 backing by U.S. {dollars} or equal liquid property. Issuers with market capitalization exceeding $50 billion should endure annual audits, whereas overseas issuers face particular compliance pointers for U.S. market entry.
Notably, Home Republicans deserted their very own stablecoin proposal to fast-track the Senate’s model, acknowledging that reconciling variations between chambers would jeopardize Trump’s August deadline. The invoice represents probably the most speedy regulatory certainty for dollar-pegged cryptocurrencies since TerraUSD’s collapse.
Readability Act: Defining Regulatory Jurisdiction
The Digital Asset Market Readability Act delineates authority between the SEC and CFTC, resolving longstanding jurisdictional ambiguities. It requires crypto corporations to keep up segregated buyer funds and disclose monetary data—direct responses to the FTX collapse that exposed important oversight gaps.
Republican sponsors argue the invoice balances innovation with investor safety, although Democratic skepticism persists. Critics cite Trump’s controversial crypto ventures, together with memecoins bearing his identify that reportedly generated $620 million, as potential conflicts influencing the laws.
CBDC Anti-Surveillance Laws
Home Majority Whip Tom Emmer’s invoice seeks to ban the Federal Reserve from issuing retail-facing central financial institution digital currencies. Emmer contends such currencies would allow unprecedented monetary surveillance, stating: “A government-controlled digital greenback would essentially undermine People’ proper to monetary privateness.”
The laws positions itself as a safeguard in opposition to potential authorities overreach into private spending habits. It displays rising Republican considerations about financial coverage instruments that would increase federal oversight capabilities.
Political Context and Implementation Timeline
The coordinated push happens amid Trump’s more and more pro-crypto stance, contrasting sharply along with his earlier skepticism. Trump-affiliated tasks have launched a number of cryptocurrency initiatives, creating each momentum and moral questions across the laws.
Key implementation milestones embody:
- July 14: Begin of “Crypto Week” with committee markups
- July 15-18: Ground debates and votes on all three payments
- August: Goal for presidential signature per Trump’s directive
Bipartisan help stays unsure, notably for the market construction invoice. Democrats like Rep. Brad Sherman acknowledge the necessity for regulation however query whether or not Trump-aligned proposals prioritize trade pursuits over client protections.
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Market analysts anticipate potential volatility across the votes, notably for tokens immediately affected by the laws. Stablecoin issuers might even see valuation changes primarily based on compliance prices, whereas exchanges might expertise value momentum shifts relying on regulatory readability outcomes.
- Stablecoin
- A cryptocurrency pegged to a steady asset just like the U.S. greenback, designed to reduce value volatility. Maintains reserve property backing every issued token.
- CBDC (Central Financial institution Digital Foreign money)
- A digital type of central financial institution cash accessible to most of the people. Not like cryptocurrencies, it’s issued and controlled by a nation’s financial authority.
- Market Construction
- The regulatory framework governing how digital property are traded, cleared, and settled. Defines roles for exchanges, brokers, and custodians.
- GENIUS Act
- The Senate-passed stablecoin regulation invoice requiring full asset backing, audits for big issuers, and overseas issuer pointers.
- Readability Act
- Laws defining SEC/CFTC jurisdiction over digital property, mandating client disclosures and fund segregation.
This text is for informational functions solely and doesn’t represent monetary recommendation. Please conduct your personal analysis earlier than making any funding choices.
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Editor-in-Chief / Coin Push Dean is a crypto fanatic primarily based in Amsterdam, the place he follows each twist and switch on this planet of cryptocurrencies and Web3.