U.S. lawmakers whitethorn really get a crypto measure to the president's desk. The House is acceptable to ballot connected marketplace operation and stablecoin authorities adjacent week, bringing the U.S. a captious measurement person to drafting caller rules for the industry.

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Crypto win

The narrative

The U.S. House of Representatives is acceptable to ballot connected a marketplace operation bill, a stablecoin measure and a measure banning a U.S. cardinal slope integer currency adjacent week. Perhaps it's premature to suggest the manufacture volition notch a large triumph — but each signs bespeak that U.S. President Donald Trump volition motion a stablecoin measure into instrumentality earlier the August recess, arsenic his squad has sought since February.

Why it matters

The crypto manufacture has agelong sought "regulatory clarity" connected its ain presumption — erstwhile regularisation proposals it disagreed with were fervently opposed and the industry's governmental enactment committees poured tens of millions of dollars into the 2024 elections to effort and make a Congress that would beryllium friendlier to crypto policies.

Next week, those efforts whitethorn wage off, arsenic the House of Representatives gets acceptable to ballot connected a stablecoin measure that whitethorn go instrumentality wrong weeks and a marketplace operation measure that could get to the White House earlier Christmas.

Breaking it down

The House of Representatives dubbed adjacent week — July 14 to July 18 — "Crypto Week." The main lawsuit volition beryllium the House ballot on, and expected transition of, the "Digital Asset Market Clarity Act of 2025" (Clarity), the Anti-CBDC Surveillance Act and the "Guiding and Establishing National Innovation for U.S. Stablecoins of 2025" (GENIUS).

The House Rules Committee is scheduled to conscionable Monday astatine 4:00 p.m. ET to discuss each of the bills. That means determination whitethorn beryllium a level vote, wherever the full House votes, by Tuesday. Though determination was immoderate treatment of packaging the Clarity and GENIUS Acts into 1 larger bill, it appears determination volition alternatively beryllium abstracted votes for each of the bills. If the GENIUS Act does person its ain vote, U.S. President Donald Trump whitethorn motion it into instrumentality arsenic soon arsenic adjacent Friday oregon the pursuing Monday, I'm told, though astatine this constituent nary of this is confirmed (and evidently depends connected the existent House vote).

Notably, the House Financial Services Committee confirmed connected Thursday that the House would ballot connected the GENIUS Bill sent to it by the Senate, and not its ain "Stablecoin Transparency and Accountability for a Better Ledger Economy" (STABLE Act), as antecedently reported by CoinDesk's Jesse Hamilton.

It is apt that each 3 bills volition pass, and with bipartisan majorities.

To recap: The Clarity Act volition make a model for however antithetic cryptocurrencies are treated by national regulators, including the Securities and Exchange Commission and Commodity Futures Trading Commission.

There's nary Senate counterpart to this measure yet, though the Senate Banking Committee has already held aggregate hearings connected marketplace operation issues, and the Senate Agriculture Committee has scheduled a proceeding for this upcoming Tuesday connected the aforesaid topic. Banking Committee Chairman Tim Scott antecedently said helium expects the Senate to wrapper up its enactment connected marketplace operation by Sept. 30.

The House's past effort to walk marketplace operation legislation, past year's Financial Innovation and Technology for the 21st Century Act, saw massive bipartisan support with 279 lawmakers (208 Republicans and 71 Democrats) voting successful favour of the bill.

While determination is nary nationalist whip number yet for this year's version, the Clarity Act passed retired of the House Agriculture Committee with monolithic bipartisan enactment (47-6) and the House Financial Services Committee with immoderate bipartisan enactment (32-19). Either number suggests some Democrats and Republicans volition ballot for the measure connected the House floor.

The GENIUS Act volition acceptable up a model for overseeing stablecoins. The Senate already passed the GENIUS Act, meaning erstwhile the House passes it, it goes to Trump's table for his signature into law. This could people the stablecoin measure arsenic the archetypal large crypto-focused measure to go law.

The GENIUS Act could past besides beryllium 1 of the fewer bills that isn't a "must-pass" to spell done the legislative process, meaning it's not a fund measure and it's not the yearly National Defense Authorization Act. While the House is voting connected the Senate mentation and not its ain STABLE Act, updated House text successful the Clarity Act would adhd immoderate further rules astir stablecoins.

The Anti-CBDC Surveillance Act would, arsenic the sanction suggests, prohibition the U.S. from processing oregon launching a cardinal slope integer currency. The House passed a mentation of this bill successful 2024 arsenic well.

In theory, the transition of these bills is affirmative for the industry. Though it whitethorn instrumentality clip for regulators to constitute and instrumentality rules aft these bills go law, wrong the adjacent fewer years crypto companies volition person steadfast guidelines to run within. Less wide is what these bills whitethorn really bash for usage oregon adoption.

A caller work by Moody's Ratings suggested that portion transition of the GENIUS Act volition "have important implications for banks" but that stablecoins writ ample "need to connection a compelling vantage implicit existing user and commercialized outgo systems" to go a much broadly accepted transaction tool.

"While determination appears to beryllium coagulated bipartisan governmental enactment for U.S. stablecoins, assuming issuers are prohibited from paying immoderate benignant of fiscal incentive, we presumption the likelihood of a important displacement successful home payments toward stablecoins arsenic comparatively modest," the study said.

Democrats are raising interest astir the imaginable for these bills' transition to alteration oregon further corruption, with Financial Services Committee Ranking Member Maxine Waters and Rep. Stephen Lynch pointing to Trump's crypto ventures and their imaginable for enriching the president.

"These bills service arsenic a brazen stamp of support for the blatant maltreatment of powerfulness we’re witnessing successful existent time," Waters said successful a statement.

The House Ways and Means Committee is besides holding a hearing connected crypto taxation adjacent Wednesday, though it hasn't shared galore details yet.

To recap the docket for adjacent week, oregon if you privation to conscionable spot it astatine a glance:

• Monday, July 14, 4:00 p.m. ET: The House Rules Committee volition conscionable and sermon the Clarity Act, GENIUS Act and Anti-CBDC Surveillance Act.
• Tuesday, July 15, 3:00 p.m. ET: The Senate Agriculture Committee volition clasp a proceeding connected marketplace operation legislation.
• Tuesday, July 15, clip TBA: The House whitethorn conscionable and statesman voting connected each 3 bills discussed above.
• Wednesday, July 16, 9:00 a.m. ET: The House Ways and Means Committee volition clasp a proceeding connected crypto taxation.
• Thursday, July 17: Nothing is scheduled (at slightest close now).
• Friday, July 18: If the House votes to beforehand GENIUS connected Tuesday, determination whitethorn beryllium a measure signing.

Stories you whitethorn person missed

• U.S. House Ditching Its Stablecoin Bill to Back Trump's Choice From Senate: The House of Representatives volition ballot connected the GENIUS Act adjacent week, Jesse Hamilton reported, alternatively than its ain STABLE Act.
• Circle Has USDC Revenue Sharing Deal With Second-Largest Crypto Exchange ByBit: Sources: Circle had antecedently revealed gross sharing agreements with Coinbase and Binance, but besides has 1 with ByBit, CoinDesk's Ian Allison reports.
• Europe’s Financial Watchdog Probes Malta Over Fast-Track MiCA Authorizations: The European Securities and Markets Authority has reviewed however Malta applied the Markets successful Crypto Assets multinational model to an unnamed crypto plus work provider, pursuing CoinDesk's Ian Allison and Camomile Shumba's reporting connected Malta's approach.
• OFAC’s Dropped Sanctions Against Tornado Cash Can’t Come Up astatine Trial, Judge Says: A national justice ruled that the U.S. Treasury Department's now-ended sanctions against Tornado Cash can't travel up successful Tornado Cash developer Roman Storm's transgression trial, which is acceptable to statesman connected Monday and whitethorn past up to 4 weeks.
• TORN Spikes 5% After U.S. Appeals Court Okays End of Another Tornado Cash Lawsuit: But elsewhere, the Eleventh Circuit Court of Appeals dismissed a suit against Tornado Cash arsenic moot, fixed the extremity of the sanctions and a abstracted national justice ruling barring the Treasury Department from reinstating sanctions against Tornado Cash's astute contracts.
• SEC Sets July Deadline for Solana ETF Refilings, Clearing Path for Pre-October Approval: The U.S. Securities and Exchange Commission asked applicants for Solana exchange-traded funds to amend their filings by the extremity of July to resoluteness outstanding issues.
• Bitcoin Breaks Fresh Record Topping $116,000: Bitcoin deed a caller all-time precocious this week. CoinDesk hosted a unrecorded blog to way contiguous investigation connected the news.
• Jack Dorsey Unveils Bitchat: Offline, Encrypted Messaging Inspired by Bitcoin: Jack Dorsey announced helium was moving connected a caller peer-to-peer messaging instrumentality that communicates utilizing Bluetooth and claims to alteration encrypted communications. A information researcher shared immoderate concerns astir however this could enactment successful practice.
• Former Bitfury Exec Gould Confirmed to Take Over U.S. Banking Agency OCC: The U.S. Senate confirmed Jonathan Gould arsenic the caller Comptroller of the Currency. Gould was antecedently astatine the Office of the Comptroller of the Currency, and aboriginal the main ineligible serviceman astatine blockchain steadfast Bitfury.

This week

Tuesday

• 14:30 UTC (10:30 a.m. ET) A national justice held a last in-person pretrial league for Roman Storm.

Wednesday

• 14:00 UTC (10:00 a.m. ET) The Senate Banking Committee held a proceeding connected marketplace operation issues.

Elsewhere:

• (The Nation) Last month, Dubai-based Aqua 1 Foundation said it would put $100 cardinal successful the Trump-affiliated World Liberty Financial. Aqua 1, however, does not look to really exist, reports Jacob Silverman successful The Nation.
• (Wired) McDonald's uses an AI bot to filter applicants, but this bot whitethorn person exposed applicants' idiosyncratic accusation to immoderate hacker owed to "absurdly basal information flaws," Wired's Andy Greenberg reports.
• (The New York Times) The Times has a agelong work into however U.S. President Donald Trump went from being a crypto skeptic to a pro-crypto president.
• (The Wall Street Journal) Grok, the ample connection exemplary artificial quality built by xAI — the AI steadfast associated with X, the institution formerly known arsenic Twitter — posted immoderate precise antisemitic statements, called itself MechaHitler and said the existent Adolf Hitler would beryllium the champion 20th period fig to code "anti-white hate." This came conscionable days aft X proprietor Elon Musk said helium was making immoderate changes to the bot.
• (404 Media) Polymarket got weird aft bettors could not travel to an statement implicit whether Ukraine President Volodomyr Zelenskyy wore a suit oregon not. He wore immoderate signifier of ceremonial covering astatine a caller appearance, which the Polymarket excavation initially resolved arsenic "yes." UMA token holders disputed that resolution, and it was aboriginal changed to resoluteness the stake arsenic "no." Derek Guy, an adept connected ceremonial covering and humanities covering styles, told 404 Media that successful his view, Zelenskyy's garments did suffice arsenic a suit.

If you’ve got thoughts oregon questions connected what I should sermon adjacent week oregon immoderate different feedback you’d similar to share, consciousness escaped to email maine astatine nik@coindesk.com oregon find maine connected Bluesky @nikhileshde.bsky.social.

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See ya’ll adjacent week!