In this article:
- The U.S. Congress will hold crypto-related meetings during the "Crypto Week" starting on July 9 and July 14.
- Leaders from Ripple and Chainalysis will discuss crypto rules in the Senate.
- President Trump's team will release a report on July 22.
After the completion of President Trump's major tax and budget bill, the House Ways and Means Committee and the Senate Banking Committee will hold separate hearings on the digital asset market on Wednesday, July 9.
Congress now seems ready to take serious measures to regulate the cryptocurrency industry. House Speaker Mike Johnson has designated the week of July 14 as "Cryptocurrency Week," during which the House will review a series of bills focusing on market structure and stablecoins.
In addition to the hearings in the House and Senate, some key developments may shape the future of U.S. cryptocurrency policy. The Senate Banking Committee will release a discussion draft this week, based on the provisions of the 2023 Lummis-Gillibrand Responsible Financial Innovation Act and the House's Clarity Act, to reform market structure.
U.S. House Develops Strategy Primarily Focused on Cryptocurrency Market
The House hearing is scheduled for Wednesday, with the theme "Ensuring Digital Asset Policy Built for the 21st Century." According to the committee's website, the hearing will focus on how to develop a digital asset tax policy framework. As of last Sunday, the witness list has not been published.
Meanwhile, the Senate hearing's theme is "Building the Digital Asset Market of the Future." Witnesses will include Blockchain Association CEO Summer Mersinger, Chainalysis CEO Jonathan Levin, Paradigm General Partner Dan Robinson, and Ripple CEO Brad Garlinghouse.
Also see TradFi Giants Urge SEC to Establish Transparent Crypto Regulations
The committee will discuss liquidity systems, how to safely hold digital assets, and whether stablecoins have appropriate backing.
Johnson stated that as part of "Crypto Week," House Republicans are preparing to submit two major crypto-related bills for House voting: the CLARITY Act and the GENIUS Act.
The Clarity Act has been approved by two House committees and will delineate clear jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for various digital assets.
The bill aims to alleviate regulatory uncertainty surrounding digital assets, which has largely kept Wall Street banks and institutional investors on the sidelines of cryptocurrency trading.
The GENIUS Act was approved by the Senate in June and provides a regulatory mechanism for issuing and trading stablecoins pegged to the U.S. dollar. Speaker Johnson submitted the bill directly to the House, bypassing the standard committee procedure for submitting amendments to the GENIUS Act for voting.
Trump's Crypto Relationships Raise Personal Concerns
Although the GENIUS Act and CLARITY Act were initially bipartisan, House and Senate Democrats have expressed strong concerns about approving these bills after President Trump and the Trump family obtained massive funds through trading crypto tokens and stablecoins (which many believe are illegal or corrupt).
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On the other hand, the Republican majorities in both chambers rejected amendments that would prohibit the president and other federal officials from privately trading cryptocurrencies while in office.
Nevertheless, if the GENIUS Act passes the House, it will be sent to President Trump's desk, which will open the door for banks, non-bank financial technology companies, and large retailers to freely issue their own stablecoins and provide services for consumers to access them.
The Senate has not yet discussed the CLARITY Act and is considering plans to handle the digital asset market.
The Trump administration's digital asset market working group, chaired by David Sacks and Bo Hines, will release its first significant report on cryptocurrencies on July 22.
CFTC Acting Chair Caroline Pham likened the report to a "cryptocurrency roadmap" and is expected to propose regulatory and legislative recommendations, which may include proposals for strategic Bitcoin reserves, better banking services for crypto companies, and establishing a national digital asset reserve.
