A vote on three laws related to digital assets is being prepared in Washington. The event, nicknamed "Crypto Week" by lawmakers, could significantly influence the future of the cryptocurrency industry in the U.S.

The U.S. Congress has been working for some time on legislation that crypto lobbying groups describe as crucial for greater clarity and the continued development of the sector. The main focus is on two laws.

The first regulates stablecoins, and the second introduces a clear framework for the operation of crypto markets. A third item on the agenda is a bill that would prevent the creation of a central bank digital currency (CBDC).

Cryptocurrencies enjoy bipartisan support. Both Democrats and Republicans are proposing various amendments. Major crypto exchanges, such as Coinbase, are ramping up their campaigns to support this legislation.

Once Congress decides on the fate of these three key laws during Crypto Week, the impact on the U.S. crypto landscape will become clearer

Crypto Week Aims to Enact Three Laws

The House Financial Services Committee has announced that Crypto Week will begin on July 14. During the week, it will consider three draft laws, including.

1. Clarity for Digital Assets Act (CLARITY Act)

Republican Congressman French Hill introduced this bill at the end of June. Its goal is to establish a framework for the digital asset sector, including a clear delineation of powers between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The crypto industry has long argued that the so-called Howey Test, established under the Securities Act of 1933 and the Exchange Act of 1934, is outdated and that the SEC should not use it to determine its authority over digital assets.

The CLARITY Act would exempt certain digital commodity investment contract offerings from registration requirements under the 1933 Act—provided they are on verified blockchains and meet specific conditions.

A verified blockchain is defined as one where the digital commodity primarily stems from real-world use and the functioning of the network itself. Such a blockchain must not restrict users, and no single entity may own more than 20% of the supply.

Under the bill, the CFTC would gain exclusive regulatory authority over crypto transactions. Exchanges and brokers would be required to register with the CFTC and adhere to record-keeping, regular reporting, and other regulatory requirements, including antitrust measures.

2. Guiding and Enabling National Innovation for United States Stablecoins Act (GENIUS Act)

Possibly the most well-known of the three bills discussed during Crypto Week, the GENIUS Act is a long-anticipated regulatory framework for stablecoins.

The bill was introduced in February, just days after President Donald Trump's inauguration, by a bipartisan group of lawmakers. After a successful Senate vote on June 17, it is now under review in the House of Representatives.

The law defines what types of entities may issue stablecoins. It requires issuers to maintain reserves backing each stablecoin on a one-to-one basis with U.S. currency or similarly liquid assets, as specified.

The bill also includes a requirement to comply with the Bank Secrecy Act and establishes clear procedures in case a stablecoin issuer goes bankrupt.

3. Anti-CBDC Surveillance State Act

Republican Congressman Tom Emmer introduced a bill on March 6 aimed at preventing the Federal Reserve from issuing a central bank digital currency (CBDC).

The bill cites concerns about citizen privacy and states that the Fed must not issue a CBDC, either directly or through third parties. Furthermore, the central bank would be prohibited from using a digital dollar to influence monetary policy. The sole authority to issue digital currency would lie with Congress.

According to the House Financial Services Committee, the bill is supported by groups such as the Blockchain Association, the Digital Chamber of Commerce, and several banking lobby groups.

Can These Crypto Bills Really Pass?

Given how slowly legislation typically moves in Washington, one week is a short time to pass three major bills—especially considering their scope and economic impact.

However, large crypto companies like Coinbase are applying strong pressure. On July 7, the organization Stand With Crypto, created by Coinbase, sent a letter to lawmakers signed by 65 executives from various crypto firms, urging Congress to pass the CLARITY Act.

Two days later, on July 9, Coinbase CEO Brian Armstrong issued a statement supporting the effort, saying, “America is ready for crypto.”

So far, markets have not reflected such confidence. On the Polymarket platform, participants currently estimate only a 52% chance that the CLARITY Act will be signed into law in 2025.

The CLARITY Act faces harsh criticism from some lawmakers and consumer protection organizations, who argue it represents a power grab by the crypto industry and a way to bypass SEC oversight.

The Americans for Financial Reform (AFR) called the proposal a massive deregulation effort, supported by large financial backing and lobbying from extremely wealthy venture capital firms and crypto billionaires. According to AFR, the bill would enrich these groups at the expense of consumers, communities, and financial stability.

AFR also expressed concern about President Trump’s personal involvement in crypto and warned that the bill does not address corruption or ethical concerns.

Senator Elizabeth Warren, a known critic of cryptocurrencies, also opposed the bill, warning that it would allow large firms to sidestep SEC regulation.