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House Sets ‘Crypto Week’ as Congress Takes Up Major Digital Asset Bills

By  |  July 6, 2025
House Sets ‘Crypto Week’ as Congress Takes Up Major Digital Asset Bills

With President Trump’s massive tax and budget bill behind it, Congress this month will turn its attention to crypto market regulation in earnest. On Wednesday (July 9) the House Ways and Means Committee and the Senate Banking Committee will each hold hearings on various elements of the digital assets market, and House Speaker Mike Johnson (R-LA) has designated the week of July 14th as “Crypto Week,” during which the full House will consider bills addressing crypto market structure and stablecoins.

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    Wednesday’s House hearing, titled Ensuring Digital Asset Policy Built for the 21st Century, will focus on “steps needed to place a tax policy framework on digital assets,” according to the committee’s website. As of Sunday, the witness list had not been released.

    The Senate hearing, titled Building Tomorrow’s Digital Asset Markets, will feature Blockchain Association CEO Summer Mersinger, Chainalysis CEO Jonathan Levin, Paradigm general partner Dan Robinson, and Ripple CEO Brad Barlinghouse at the witness table. The committee is expected to focus on liquidity systems and custodial procedures for digital assets, and whether stablecoins are well-backed.

    During Crypto Week, House Republicans will bring both the CLARITY Act and the Senate GENIUS Act to the floor for votes, according to Johnson. The CLARITY Act, approved by two House committees, would establish clear lines of jurisdiction between the SEC and the CFTC over different types of digital assets. It aims to reduce regulatory uncertainty around digital assets that has kept Wall Street banks and institutional investors largely on the sidelines of crypto trading.

    Read more: SEC Greenlights, Then Pauses Listing Crypto Fund Grayscale as an ETF

    The GENIUS Act, approved by the Senate in June, establishes a regulatory framework for the issuance and trading of dollar-pegged stablecoins. By bringing it directly to the House floor, Speaker Johnson is bypassing the usual committee process in which amendments to the bill could have been considered and voted on.

    Although both bills initially received bipartisan support, Democrats in both the House and the Senate later raised serious objections to their passage in the wake of President Trump and the Trump family’s extensive dealing in both crypto tokens and stablecoins that many viewed as unethical or corrupt. Amendments introduced to bar the president and other senior federal officials from engaging in private crypto trading while in office were rejected by the Republican majorities in both chambers, however.

    Passage of the GENIUS Act in the House would send the bill to President Trump’s desk, clearing the way for banks, non-bank fin-tech institutions, and large retailers to begin issuing stablecoins and providing stablecoin services for their customers. The Senate has yet to take up the CLARITY Act and has been considering its own digital asset market structure measures.