In a landmark week for digital asset legislation, US lawmakers pushed forward three major bills that could reshape the country’s crypto and stablecoin landscape. Here’s how the week unfolded, day by day.
In a rare show of bipartisanship, the US House of Representatives this week passed three major pieces of crypto legislation, with the GENIUS Act emerging as the most significant outcome.
Formally known as the Guiding and Establishing National Innovation for US Stablecoins Act, the bill passed the House on July 17 by 308 votes to 122, after already clearing the Senate in June.
It now heads to President Trump’s desk, where it is widely expected to be signed into law in the coming days.
If enacted, the GENIUS Act would introduce the first federal framework for the issuance and oversight of USD-backed stablecoins, requiring 1:1 reserves, regulator registration, and a ban on algorithmic tokens, a watershed moment for digital dollar markets.
Two other bills — the CLARITY Act, which defines regulatory boundaries for digital assets, and the Anti-CBDC Surveillance State Act, which would block the Federal Reserve from launching a retail central bank digital currency (CBDC) — also passed the House but now face further scrutiny in the Senate.
Here’s how the week unfolded.
Monday 14 July
As lawmakers returned to Washington on Monday, the House of Representatives launched what quickly became dubbed “Crypto Week” – a rare, coordinated legislative push to define how the US regulates digital assets.
The legislative package had been weeks in the making, following months of partisan gridlock and regulatory uncertainty. But behind the scenes, momentum had grown.
The GENIUS Act, a bipartisan effort led by Senators Kirsten Gillibrand and Cynthia Lummis, had already passed the Senate in June with a strong 68–30 vote, clearing a major hurdle ahead of House debate.
With digital asset markets still recovering from the volatility of previous years – and industry players like Circle, Coinbase and Stripe all pushing for more transparent rules – attention quickly turned to how the House would navigate the balance between innovation, consumer protection, and regulatory reach.
Tuesday 15 July
While stablecoin regulation and oversight reform enjoyed bipartisan momentum, it was the Anti-CBDC Surveillance State Act that ignited sharper partisan divides on the floor.
Supporters of the GENIUS Act made the case that the legislation would provide long-overdue stability to stablecoin markets by requiring issuers to hold one-to-one reserves in dollars or Treasuries, and register with federal or state regulators.
Rep. Patrick McHenry (R-NC), Chair of the House Financial Services Committee, called the Act “regulatory clarity. That alone could unlock innovation we’ve been sitting on for years,” said Republican Rep. Patrick McHenry, a longtime crypto advocate.
Meanwhile, backers of the CLARITY Act emphasised the need to resolve the longstanding turf war between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill proposes a “functional test” for digital assets to determine whether they fall under securities or commodities law, offering issuers a more predictable path to compliance.
But it was the debate over the Anti-CBDC bill — introduced by Majority Whip Tom Emmer — that drew the most fire. Emmer and other Republicans framed the legislation as a necessary defence of civil liberties, claiming a government-issued digital dollar could be used to track, monitor, and control Americans’ transactions with the CBDC.
“This bill is straightforward: it prevents unelected Washington bureaucrats from creating a financial surveillance tool that – if not done correctly – will fundamentally alter the lives of every American,” Emmer said on the floor.
“CBDC is a digital form of sovereign currency that is designed, issued, and monitored by the federal government. It is government-controlled programmable money that, if designed without the privacy protections of cash, this could give the federal government the ability to surveil and restrict Americans’ transactions and monitor every aspect of our daily lives.
“In other words, every dollar you spend, where you spend it, who you spend it with, would all be visible to and tracked by the watchful eyes of Washington. There would be no cash, no anonymity, no space for private financial decision-making. This isn’t an inconceivable concept. We have already seen examples of governments developing these types of tools and using them to weaponise their financial systems against their citizens.”
Democrats criticised the bill with great colour and clarity. Rep. Stephen Lynch (D-MA) argued these bills pave the way for “massive crypto fraud” and legitimise President Donald Trump’s “crypto corruption, which has already netted him a staggering $1.2bn“.
“The Republican-led, ‘CLARITY Act’ and the Senate’s ‘GENIUS Act’ will not only further President Trump’s corruption, but expose our financial stability, national security, and consumer protections to greater risk. Meanwhile the ‘Anti-CBDC Surveillance State Act,’ will shackle U.S. Government research while giving China another opportunity to capitalize on a new technology,” he said.
“The volatile and risky nature of crypto products and the lack of investor protections will likely have devastating consequences on Americans’ financial lives, and Congress cannot allow it to undermine our traditional financial markets which are the envy of the world.”
“Aside from lacking urgently needed consumer protections and national security guardrails, these bills would make Congress complicit in Trump’s unprecedented crypto scam – one that has personally enriched himself, his entire family, and the billionaire insiders in his cabinet, all while defrauding investors.”
“Worse still, these bills serve as a brazen stamp of approval for the blatant abuse of power we’re witnessing in real time. And the irony couldn’t be more glaring: the same Republicans who rail against a government-backed digital dollar in the name of ‘freedom’ are now rushing to hand over the keys to Americans’ financial future to Trump’s illegal and corrupt crypto empire.”
Outside the chamber, market watchers began to pay close attention. As the prospect of legislative clarity firmed, Bitcoin broke through $120,000 for the first time, buoyed by institutional sentiment and the appearance of political progress on Capitol Hill.
Wednesday 16 July
Crypto Week’s momentum slowed on Wednesday as lawmakers faced procedural hurdles that threatened to derail progress on the three high-profile digital asset bills.
The day was expected to bring votes on the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act, but internal disagreements over bundling the measures into a single vote prompted a temporary legislative stalemate. A group of House Republicans reportedly objected to advancing all three bills under one procedural rule, citing concerns over insufficient time to debate each piece on its own merits.
Behind the scenes, senior Republicans, including Emmer and Speaker Mike Johnson, scrambled to negotiate a path forward. President Trump – whose support was instrumental in advancing the GENIUS Act through the Senate – is reported to have intervened directly, urging members of his party to support the rules package to keep the week’s agenda on track.
The political wrangling culminated in a nearly 10-hour delay. Late in the evening, the House narrowly approved House Resolution 580, a procedural measure that cleared the way for floor votes on all three crypto bills. The motion passed 220–209, with most Democrats voting against and a slim Republican majority holding the line.
Though no legislation passed on the day, the successful rule vote revived optimism that final floor debates and votes could proceed on Thursday. Supporters of the GENIUS and CLARITY Acts expressed confidence that they would secure broad bipartisan backing, while the Anti-CBDC Act looked set for a closer contest.
Thursday 17 July 2025
After procedural delays earlier in the week, the US House of Representatives delivered one of the most consequential days for digital asset regulation in American history.
In a series of decisive votes on Thursday, lawmakers passed the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act — three bills that together could reshape how stablecoins are issued, how digital assets are regulated, and whether the US ever adopts a central bank digital currency.
The headline result came first: the GENIUS Act passed the House with a commanding 308–122 vote, enjoying strong bipartisan support. Having already cleared the Senate in June, the bill now heads to President Trump’s desk, where it is expected to be signed into law imminently.
The legislation will introduce the first federal framework for fiat-backed stablecoins, requiring issuers to maintain full dollar reserves, register with federal or state banking regulators, and provide regular public disclosures. It also includes a two-year moratorium on algorithmic stablecoins.
Next came the CLARITY Act, which passed 294–134. The bill is designed to resolve long-standing regulatory confusion by clearly delineating the jurisdiction of the SEC and the CFTC over digital assets. It proposes a “functional test” to determine whether a token should be classified as a security or a commodity, based on its use case and level of decentralisation.
Proponents of the CLARITY Act, including Rep. French Hill (R-AR) and Rep. Dusty Johnson (R-SD), argued that the bill would “end years of regulation by enforcement” and give legitimate crypto projects a clear path to compliance.
“If America doesn’t lead in digital asset development, we risk losing innovation to Europe or our adversary China,” said Johnson. “Our CLARITY Act puts in place a strong, commonsense framework to give developers and consumers the certainty they need to thrive in the United States.
“This bill delivers on President Trump’s goal of making the United States the crypto capital of the world by providing the regulatory certainty needed to foster innovation, safeguard consumers, and ensure America leads in the next generation of financial technology.”
“At present, there is no established market structure to protect consumers or provide clear rules of the road for businesses and innovators. It’s the wild, wild west! Congress must deliver market structure legislation that brings clarity,” — Rep. Don Davis (D-NC), Ranking Member of the Agriculture subcommittee on digital assets.
Finally, the House voted on the Anti-CBDC Surveillance State Act, passing it 219–210 — the narrowest margin of the day. Sponsored by Emmer, the bill aims to block the Federal Reserve from issuing a retail central bank digital currency without explicit congressional authorisation. It also prohibits the Fed from contracting with intermediaries to distribute a digital dollar, a move Emmer and others say is vital to protect individual financial privacy.
“For years, we have worked to educate our colleagues on the dangers of this insidious technology, which would undermine our values and destroy Americans’ right to privacy. President Trump understands this threat and has already issued an Executive Order preventing the development of a CBDC,” said Emmer.
“Now, we must codify it to ensure that the United States’ digital currency policy remains in the hands of the American people so that any future development of digital cash reflects our American values of privacy, individual sovereignty, and free market competitiveness. We are proud to have led this years-long effort, and thank our colleagues for their support.”
With the three votes complete, Crypto Week delivered its most tangible result: the likely enactment of the GENIUS Act — the first federal law to govern stablecoins in the US. The other two bills now head to the Senate, where their prospects are less certain. Even so, Thursday’s votes marked a rare moment of bipartisan cooperation in Washington and a significant step forward in defining how digital assets are treated under US law.
Friday 18 July 2025
Crypto Week ends with momentum, but the regulatory journey is just beginning
As Congress wrapped up its business for the week, the digital asset sector was left to digest what had truly been a watershed moment. With the GENIUS Act passed by both chambers and now awaiting President Trump’s signature, the US is on the brink of introducing its first federal law to regulate stablecoins.
“The passage of the GENIUS Act is a true watershed moment for the US. It is a defining step for responsible crypto policy and a clear demonstration of Congressional leadership,” said Jim Kim, CEO of the Crypto Council for Innovation.
“This comprehensive framework gives issuers, builders, and regulators the clear rules they have been asking for. It puts innovation and consumer protection first. The passage of GENIUS marks just the beginning of a new golden age for digital assets with America at the helm.”
What remains unresolved, however, is how regulators like the SEC, CFTC, and Federal Reserve will interpret and implement their roles under the new legal landscape. Several questions linger:
- Will the CLARITY Act curb the SEC’s current enforcement-led approach to token classification?
- How will the Fed respond to the potential passage of the Anti-CBDC Act in the Senate?
- And how quickly will federal agencies begin formal rulemaking under the GENIUS Act, once it becomes law?
- For an industry long criticised for operating in grey areas, the emergence of defined rules may prove to be both a challenge and a turning point.
