- Republican lawmakers are racing to advance key crypto bills this summer
- AI and crypto czar David Sacks expected the GENIUS Act to pass the House without amendments
After the passage of the budget reconciliation bill, Republican lawmakers will now shift their focus to crypto bills.
In a statement released on 03 July, House Committee Chair French Hill and House Agriculture Chair Glenn Thompson said they will consider key crypto bills from 14-18 July, dubbing it a “crypto week.”
House set to consider key crypto bills
The crypto market structure bill, CLARITY Act, the Senate’s stablecoin bill (the GENIUS Act), and the anti-CBDC (Central Bank Digital Currency) bill are all part of the agenda, added Chairman Hill.
House Speaker Mike Johnson also noted that the plan would help deliver President Donald Trump’s crypto agenda. He said,
“House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda.”
The GENIUS Act seeks to offer regulatory clarity on the stablecoin market and passed the Senate on 17 June. It was received in the House on 23 June.
After House consideration and approval, the bill will be advanced to the President’s desk, likely in Q3.
However, according to Pillsbury Law, the House could make a few amendments – A move that would force the bill to be sent back to the Senate for confirmation.
“The bill remains subject to amendment in the House. Key provisions, including those related to issuer eligibility, state-federal oversight dynamics, and compliance requirements, may be revised before any final vote.”
In such a case, the timeline for final submission to Trump could be delayed to the end of the year or 2026.
What’s next for crypto bills?
The CLARITY Act, on the other hand, is a bipartisan plan to offer regulatory clarity in the broader crypto landscape. Especially following the infamous enforcement actions by the Biden-era SEC (Securities and Exchange Commission).
It aims to define whether digital assets are securities or not, provide unified agency oversight, and encourage innovation while enhancing consumer protection.
First introduced in the House in late May, the CLARITY Act was passed out of the Financial Services and Agriculture committees in mid-June. Now, the next step will be a House floor vote, scheduled for the “crypto week.”
In fact, crypto and AI czar David Sacks called the update “amazing progress.” He is expecting the GENIUS Act to head to the President’s desk after crypto week.
Source: David Sacks/X
It remains whether the GENIUS Act will sail smoothly without House amendments as Sacks expects it to.
