Significant discussions on digital asset regulations are slated to occur as the House of Representatives convenes for “Crypto Week” in Washington, D.C., starting today, July 14th. Global observers are keenly watching these developments.
Specifically, the Digital Asset Market Clarity Act (Clarity Act) seeks to provide comprehensive rules for digital assets and cryptocurrencies. The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) is designed to establish the first federal framework for overseeing payment stablecoins. The Anti-CBDC Surveillance State Act aims to prevent the creation of a retail central bank digital currency (CBDC), often described as a digital dollar.
According to a press release from the Financial Services Committee, the House anticipates reviewing the Clarity Act, the GENIUS Act, and the Anti-CBDC Act as part of its broader effort to position the United States as a leader in the crypto industry.
The designation of July 14-18 as “Crypto Week” was announced on July 3rd by Committee Chairman French Hill, Agriculture Committee Chairman GT Thompson, and House leadership. Just before Crypto Week began, Bitcoin, the most popular cryptocurrency, reached a new peak on July 11th, trading above $118,000 (over £87,000).
President Donald Trump demonstrated his commitment to the sector by signing an executive order called ‘Strengthening American Leadership in Digital Financial Technology’ early in his second term. In an effort to establish the US as a leading “crypto capital,” a move that was unpredictable during his initial presidency when he opposed crypto, he has implemented various “pro-crypto” initiatives, including hosting a “Digital Assets Summit” (also known as “Crypto Summit”) at the White House.
STABLECOINS: WHAT YOU NEED TO KNOW – Stablecoins are cryptocurrencies engineered to maintain a steady value, often by linking their market value to external assets, such as traditional currencies. Tether and USD Coin are the two largest stablecoins by market capitalization, and like many others, they are pegged to the US dollar.
Legislative Action Seen as “Overdue”
“We are taking significant actions to ensure the United States remains at the forefront of innovation, and I eagerly await ‘Crypto Week’ in the House,” stated Hill in the press notice. “After years of committed effort in Congress on digital assets, we are pushing forward with critical legislation to establish a clear regulatory framework, protect consumers and investors, provide rules for dollar-backed payment stablecoins, and permanently block the creation of a CBDC to protect Americans’ financial privacy.”
“I appreciate the partnership and leadership of my colleagues in Congress and the Trump Administration and am prepared to collaborate with the Senate as they work to advance market structure legislation by the end of September,” he added.
“Digital asset market structure legislation has been long awaited,” commented Thompson. “Throughout numerous hearings, discussions, and events, we have heard from innovators, creators, professors, lawyers, and constituents. We have consistently heard the need for regulatory clarity and certainty in this industry. The House Agriculture and Financial Services Committees have collaborated to produce the Clarity Act, and it is now time for the House to act for the American people and pass Clarity to the Senate. I thank House leadership for recognizing the urgent need for Clarity to solidify American leadership in the digital asset space.”
The press notice included a statement from Cynthia Lummis, a senator from Wyoming, a state working to launch the first fiat-backed, fully-reserved stablecoin issued by a public entity in the US (the ‘Wyoming Stable Token’) – a pioneering digital money initiative for the public sector.
“For the first time in US history, we have a president who recognizes the potential of embracing digital assets, and we are already working to capitalize on that,” Lummis said. “In Wyoming, we have been working to embrace digital assets for nearly a decade, and it is exciting to see the federal government beginning to follow in our footsteps. As we celebrate Crypto Week, I am eager to collaborate with Chairman Hill and Chairman Thompson to pass comprehensive stablecoin legislation, establish clear market structure rules, and ensure that any central bank digital currency respects Americans’ privacy and financial freedom. Together, we will maintain America’s competitive edge and ensure the United States remains the global leader in financial technology while preserving the principles that make our economy the strongest in the world.”
RELATED ARTICLE: ‘Chaotic? No way…’: US government’s digital finance focus hailed at London event – a news story (May 2, 2025) highlighting perspectives on digital assets policymaking across various regions – see below
Global Interest
The global community is closely monitoring the direction and progress of US policymaking on cryptocurrencies and tokenized finance under President Trump’s leadership.
For instance, in the UK, developments championed by Trump were frequently referenced during different sessions of the Innovate Finance Global Summit (‘IFGS 2025’), an annual event bringing together the private sector and policymakers, on April 29th.
UK Chancellor Rachel Reeves announced the release of draft cryptoasset regulations in the UK on the same day as the London event. The UK has lagged behind the EU, which it left in January 2020, in regulating crypto. The EU’s Markets in Crypto-Assets (MiCA) regulation, which is also known as MiCAR, fully came into effect in December 2024.
“Sometimes, looking from this side [UK] of the Atlantic, it looks as if some of the things the US are doing a bit chaotic,” said Tom Duff Gordon, London-based vice-president for international policy at US-based cryptocurrency exchange Coinbase, during one of the event’s panel discussions. “On this particular topic [digital assets], there is nothing chaotic about what the US administration is doing, right from the White House through to all the different agencies and through the chairs of the relevant committees in Congress – there’s a real determination to move forward and to do something really cutting edge with regard to cryptoassets and tokenisation.”
Lord Ed Vaizey, speaking on a later panel, was asked whether the US administration’s pro-crypto actions would have a ripple effect in other nations, particularly the UK. “Yes, I’m sure it will,” he responded. “We can all speculate as to why there has been a volte-face [reference to Trump’s previous stance] but I think the administration has got itself into the right place, in theory – we’ll see what happens in practice – which is that crypto needs to be regulated.”
“There’s no doubt at all that when the US administration decides to change its mind and take the lead in an area like this, it will make the weather,” Vaizey concluded.