Photo by Eivind Pedersen via Pixabay
Washington D.C. is hosting “Crypto Week,” beginning today, with the House of Representatives scheduled to debate three significant digital asset bills.
The Digital Asset Market Clarity Act (Clarity Act) seeks to develop a well-defined regulatory environment for digital assets and cryptocurrencies. The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) intends to establish the first federal regulatory structure for payment stablecoins. Additionally, the Anti-CBDC Surveillance State Act aims to prevent the creation of a retail central bank digital currency (CBDC), also known as a digital dollar.
According to a press release from the financial services committee, the House “looks forward to considering” the Clarity Act, GENIUS Act, and Anti-CBDC Act “as part of Congressional efforts to establish America as the leading hub for crypto innovation globally.”
Committee Chairman French Hill, Agriculture Committee Chairman GT Thompson, and House leadership designated July 14-18 as ‘Crypto Week’ to emphasize the importance of this legislative work. Leading up to Crypto Week, Bitcoin, the most widely recognized cryptocurrency, reached a record high on July 11, trading above US$118,000 (over £87,000).
President Donald Trump signed an executive order titled ‘Strengthening American Leadership in Digital Financial Technology’ early in his second term. Trump has been proactive in his ambition to position the U.S. as the world’s “crypto capital,” including hosting a “Digital Assets Summit,” also known as the “Crypto Summit,” at the White House.
UNDERSTANDING STABLECOINS: Stablecoins are cryptocurrencies designed to maintain a consistent value by linking their market value to an external asset, usually a fiat currency. Tether and USD Coin are the largest stablecoins based on market capitalization and are both pegged to the US dollar, as are the majority of stablecoins.
Digital Asset Legislation: A Timely Necessity
“We are taking significant steps to keep the United States at the forefront of innovation, and I am eager for Crypto Week in the House,” stated Hill in the press release. “After years of focused effort in Congress on digital assets, we are moving forward with critical legislation to create a clear regulatory framework for digital assets. This legislation is designed to protect consumers and investors, provide guidelines for the issuance and operation of dollar-backed payment stablecoins, and permanently prevent 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 ready to collaborate with the Senate as they work to advance market structure legislation independently by the end of September,” he added.
“Digital asset market structure legislation is much needed,” Thompson stated. “Through numerous hearings, roundtables, and other events, we have listened to innovators, creators, academics, lawyers, and constituents. We have consistently heard calls for regulatory clarity and certainty in this sector.”
“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 send the Clarity Act to the Senate. I thank House leadership for recognizing the pressing need for Clarity to solidify American leadership in the digital asset space.”
The press release included a statement from Cynthia Lummis, a senator representing Wyoming, which is aiming to launch the first fiat-backed, fully-reserved stablecoin issued by a public entity in the US (the ‘Wyoming Stable Token’) – a groundbreaking digital currency program for the public sector.
“For the first time in US history, we have a president who recognizes the value of embracing digital assets, and we are already working to leverage that,” Lummis said.
“In Wyoming, we have been working for almost a decade to embrace digital assets, and it is inspiring to see the federal government beginning to follow the Cowboy State’s example. As we celebrate Crypto Week, I am excited to work 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 advantage and ensure the United States remains the global leader in financial technology while upholding the principles that make our economy the strongest in the world.”
Government Service Delivery – the new name for GovernmentDX – will gather global digital government leaders to discuss how governments can use technology to improve public services. The event will be held at Walter E Washington Convention Center, Washington DC on October 29-30, 2025. Learn more and register your interest here.
Global Interest
The world is closely watching the direction and momentum of US cryptocurrency and tokenized finance policymaking under the Trump administration.
For instance, at the Innovate Finance Global Summit (‘IFGS 2025’), an annual gathering of the private sector and policymakers held on April 29 in the UK, the developments in the White House were frequently mentioned during various sessions.
UK Chancellor Rachel Reeves announced the publication of draft legislation for regulating cryptoassets in the UK on the same day as the London event. The UK has been slower than the EU, which it left in January 2020, in regulating crypto. The 27-member bloc’s significant Markets in Crypto-Assets (MiCA) regulation (also abbreviated to MiCAR) took full effect in December 2024.
Tom Duff Gordon, the London-based vice-president for international policy at US-headquartered cryptocurrency exchange Coinbase, noted that there is “a real determination” across different levels of the federal government “to move forward and to do something really cutting edge with regard to cryptoassets and tokenization.”
During a later panel discussion, Lord Ed Vaizey was asked if the US administration’s actions on crypto would affect other countries, particularly the UK. “Yes, I’m sure it will,” he responded. “I believe the administration has, in theory, positioned itself well – we’ll see what happens in practice – which is that crypto needs to be regulated.”
“There’s no question that when the US administration decides to change its approach and take the lead in an area like this, it will set the standard,” Vaizey concluded.
This article was originally published by Global Government Forum’s sister title Global Government Fintech: ‘Crypto Week’ kicks off in US with ‘landmark’ digital asset legislation in global spotlight