Lawmakers in the U.S. House of Representatives are preparing for a packed week focused on crypto legislation, as key committees prepare to review and possibly advance three major digital asset-related bills. Topics under debate include payment stablecoins, the structure of digital asset markets, and a proposed ban on central bank digital currencies (CBDCs).
On Monday, the Republican-majority House Committee on Rules began evaluating the Anti-CBDC Surveillance State Act, the Digital Asset Market Structure (CLARITY) Act, and the Guiding and Establishing National Innovation for US Stablecoins Act—also known as the GENIUS Act. This legislative push is being framed by Republicans as part of a broader effort to position the U.S. as a leader in crypto innovation.
However, the proposals have sparked partisan tension, with Democratic lawmakers submitting several amendments aimed at tackling what they allege is increasing corruption linked to crypto in the federal government.
A major point of contention is the GENIUS Act, expected to be the centerpiece of this week’s agenda after earning bipartisan support in the Senate last month. Representative Maxine Waters of California has introduced four alternate versions of the bill, raising alarms about potential conflicts of interest involving former President Donald Trump and his family-affiliated crypto ventures. These include World Liberty Financial, its stablecoin USD1, and the Trump-themed memecoin “Official Trump.”
In an opinion piece published Monday, Waters criticized the legislation: “The House is preparing to vote on bills like the so-called CLARITY and GENIUS Acts, which are marketed as pro-consumer and pro-innovation. In reality, they’re crafted to serve the interests of the crypto industry itself.”
Waters’ proposed amendments include a ban on crypto ownership or promotion by sitting presidents, vice presidents, lawmakers, and their immediate families. Another proposal would prevent the Treasury Secretary from recognizing any country’s stablecoin regime as comparable to the U.S.’s if its leader has identified themselves as a dictator—an apparent swipe at El Salvador’s President Nayib Bukele, who once jokingly called himself the “world’s coolest dictator.”
On the other side of the aisle, Representative Warren Davidson of Ohio suggested adding protections for individuals’ rights to self-custody their digital assets via hardware or software wallets—language lifted directly from the CLARITY Act.
With just eight legislative days remaining before the House breaks for its August recess, Republicans are pushing to fast-track these bills to the floor. Representative French Hill of Arkansas, who leads the House Financial Services Committee, expressed optimism, stating, “These bills are designed to protect investors and consumers, while helping the U.S. become the global leader in financial technology and digital innovation—just as President Trump envisions.”
Meanwhile, crypto industry advocates are urging swift passage. Coinbase-backed nonprofit Stand With Crypto is campaigning in favor of the CLARITY Act, hoping lawmakers will move forward before the summer break stalls momentum.
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