This week marks a pivotal moment for the cryptocurrency industry as U.S. lawmakers prepare to vote on three key bills that could shape the future of digital asset regulation in the United States. Dubbed “Crypto Week” on Capitol Hill, the legislative push reflects growing political and financial interest in crypto, with significant implications for the market, investors, and institutions alike.
At the forefront is the GENUIS Act, a stablecoin regulation bill that has already cleared the Senate with bipartisan support. The measure now awaits a vote in the House, and if passed, it would become the first standalone crypto-related law in U.S. history. Its approval would represent a major milestone for digital assets, which have operated in a regulatory gray area for years.
However, the spotlight is on the more comprehensive CLARITY Act, a sweeping proposal to define when digital assets should be treated as securities under the Securities and Exchange Commission (SEC) or as commodities under the Commodity Futures Trading Commission (CFTC). The bill has passed through two House committees with support from both parties and is expected to be voted on Wednesday. Yet its future in the Senate remains uncertain.
Concerns from Democratic lawmakers center on potential conflicts of interest tied to former President Donald Trump and his family’s increasing involvement in the crypto space. Their ventures include meme coins such as $TRUMP and $MELANIA, a stablecoin, and a decentralized finance (DeFi) firm known as World Liberty Financial. Critics argue that the CLARITY Act does not sufficiently address corruption risks, particularly given Trump’s vocal support for crypto and direct involvement in the industry.
“President Trump’s crypto corruption distorts the digital asset marketplace,” said one senator, emphasizing the need for legislation that strengthens investor confidence rather than undermines it.
Despite the controversy, the crypto industry is making a concerted push to gain congressional support. Major players like Coinbase and Ripple have ramped up lobbying efforts, even distributing 5,000 custom-wrapped chocolate bars across Washington, D.C., in a bid to promote public opinion and industry data. A recent poll cited by these efforts found that one in five Americans own cryptocurrency—a statistic industry leaders hope will sway hesitant lawmakers.
According to a Coinbase executive, the CLARITY Act would establish essential legal definitions and structures, providing both consumers and institutions with greater assurance when navigating the digital asset landscape.
Meanwhile, the House is also scheduled to vote on a separate bill that would block the Federal Reserve from issuing a central bank digital currency (CBDC). This proposal is likely to pass and has received backing from various crypto advocacy groups, which argue that such innovation should be left to the private sector.
Adding to the legislative momentum, the Senate is working on its own version of the market structure bill. While it is expected to differ slightly from the House’s version, bipartisan discussions are already underway. Senators from both parties are engaged in shaping a framework that aims to provide regulatory clarity without compromising integrity.
