The U.S. House of Representatives is set to begin “Crypto Week” on July 14, with lawmakers poised to debate three pivotal bills aimed at cementing the United States’ position as a global leader in digital assets. The legislative package, a culmination of years of discussions and industry advocacy, includes the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate-approved GENIUS Act.
Lawmakers will tackle critical issues ranging from regulatory clarity and stablecoin integration to financial privacy. The legislative push reflects the increasing maturity of the crypto market and its growing economic importance.
A centerpiece of Crypto Week is the CLARITY Act, a bipartisan effort to end the long-standing regulatory ambiguity surrounding digital assets. This bill seeks to clearly define the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in overseeing the sector.
The CLARITY Act proposes categorizing digital assets into three types: securities, commodities, and stablecoins. It grants the CFTC exclusive jurisdiction over “digital commodities” like Bitcoin, while the SEC would retain authority over securities. The bill also introduces a dual-track registration system, allowing platforms to register with the most relevant agency, and includes robust anti-fraud and consumer protection measures.
The GENIUS Act, recently passed by the Senate with bipartisan support, establishes the first comprehensive federal framework for payment stablecoins. This legislation defines who can issue stablecoins, sets capital and reserve requirements, and allows for both federal and state oversight of issuers. Its aim is to encourage innovation while safeguarding consumers and maintaining the U.S. dollar’s dominance in digital finance.
Also on the agenda is the Anti-CBDC Surveillance State Act, which would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly or indirectly to individuals. This bill directly addresses concerns about government surveillance and financial privacy. By blocking a U.S. CBDC, the Act aims to preserve Americans’ financial autonomy and prevent potential government overreach.
This proposed legislation addresses a primary concern among crypto advocates: the risk of government surveillance through a state-issued digital currency. Banning a retail CBDC would signal the U.S.’s commitment to privacy, individual sovereignty, and free-market principles.
