The House of Representatives is scheduled to vote on three crypto-related bills before Congress takes its recess.
The US House of Representatives is set to review amendments to three crypto-related bills this week, focusing on central bank digital currencies (CBDCs), digital asset market structure, and payment stablecoins.
On Monday, the Republican-led House Committee on Rules will convene to discuss the Anti-CBDC Surveillance State Act, the Digital Asset Market Clarity (CLARITY) Act, and the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) as part of the party’s “crypto week” initiative.
Discussions surrounding these bills will include several amendments proposed by Democratic lawmakers aimed at addressing what they term crypto “corruption” within the US government.
The GENIUS Act, anticipated to be a priority for Republicans following bipartisan support in the Senate last June, features four alternative versions introduced by California Representative Maxine Waters. She has been at the forefront of Democratic efforts to challenge these bills, citing concerns over former President Donald Trump’s alleged conflicts of interest linked to his family-backed crypto company, World Liberty Financial, its stablecoin USD1, and his memecoin, Official Trump.
“This week, the House will review several crypto bills, including the CLARITY Act and the GENIUS Act, which supporters argue will create a pro-innovation regulatory framework for crypto while also protecting consumers and investors,” Waters stated in a Monday op-ed for MSNBC. “However, the truth is that these bills are written by and for the crypto industry.”
Among Waters’ proposed amendments to the GENIUS Act is a provision to prevent any US president, vice president, members of Congress, and their immediate families from promoting or holding cryptocurrency. She also suggested that the US Treasury Secretary “cannot deem a foreign country to have a stablecoin regime comparable to that of the US if the current leader of that country has described themselves as a dictator,” likely referencing El Salvador President Nayib Bukele, who has called himself the “world’s coolest dictator.”
On the Republican side, Ohio Representative Warren Davidson proposed an amendment to include language affirming “an individual’s right to maintain a hardware or software wallet for the purpose of facilitating their lawful custody of digital assets.” This provision mirrored the language in the CLARITY Act.
The House Committee on Rules meeting will be the first of several efforts from lawmakers to prepare the crypto bills for a floor vote before Congress goes on August recess. According to the congressional calendar, the House will only be in session for eight days in July before breaking.
“I believe the bills we will address this week will protect investors and consumers, making America, as President Trump envisions, a leader in financial technology and crypto innovation,” said Arkansas Representative French Hill, chair of the House Financial Services Committee.
Before the debate on the amendments and potential votes, lobbying groups connected to the industry urged lawmakers to support the legislation. Stand With Crypto, an advocacy organization affiliated with Coinbase, called for swift action on the CLARITY Act.
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Source: Cointelegraph Editor: Bernie S.