What To Expect from the US House’s 'Crypto Week'

Key Takeaways

• The House of Representatives has dubbed July 14-18 "Crypto Week."
• Members are expected to vote on the GENIUS Act, which would enable private companies to issue stablecoins. A successful House vote would send the bill to the desk of President Donald Trump, who has expressed support for the proposal on social media.
• The House is also expected to consider the Digital Asset Market Clarity Act, which would establish a framework for cryptocurrency regulation.

Cryptocurrencies—and, particularly, stablecoins—are expected to take center stage in Washington, D.C., next week during the House of Representatives' self-proclaimed “Crypto Week.”

U.S. representatives are expected to vote on the GENIUS Act, a bill that would enable private companies to issue stablecoins, a type of cryptocurrency that has its value tied directly to a state-issued currency, often the U.S. dollar. The bill would require companies issuing stablecoins to back them one-to-one with liquid cash.

Corporate interest in stablecoins appears to be on the rise. Walmart (WMT) and Amazon (AMZN) are reportedly considering launching their own stablecoins, which shoppers could use as a payment option. This, experts say, could significantly change the payments landscape, since their widespread use might would allow the retail titans to reduce the billions of dollars in credit transaction fees they pay to Visa (V) and Mastercard (MA). 

The GENIUS Act was passed 68-30 by the Senate last month, so approval from the House would send it to President Donald Trump’s desk. In a Truth Social post then, Trump said the bill would “make America the UNDISPUTED Leader in Digital Assets.” Trump has a stake in World Liberty Financial, a company that launched its own stablecoin, USD1.

The House may also consider the Digital Asset Market Clarity Act, which would establish a framework for cryptocurrency regulation involving the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Clarity Act's backers include crypto exchange operator Coinbase Global (COIN), which has run a six-figure ad campaign calling for its passage.

The CBDC Anti-Surveillance State Act, which would prevent the Federal Reserve from issuing a central bank digital currency, is also expected to be discussed.

Bitcoin, the leading cryptocurrency, has been on a tear lately, rising from below $80,000 in April to above $110,000 this week.

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