Recently, the US House announced a significant initiative, setting aside July 14 as “Digital Currency Week,” focusing on crucial legislative decisions surrounding digital currencies. This marks a renewed effort by lawmakers to establish regulations concerning stablecoins, market frameworks, and the potential implementation of a central bank digital currency (CBDC).

This rollout coincides with a strategic push by Republican leaders to solidify what they describe as President Donald Trump’s vision for cryptocurrency regulation prior to the upcoming August deadline.

Accelerated Legislation on Stablecoins

Sources indicate that during Digital Currency Week, the House will prioritize discussions around the GENIUS Act. This piece of legislation, which has already made it through the Senate, mandates that stablecoin issuers maintain full backing with US dollars or equivalent liquid assets.

Additionally, companies exceeding a market valuation of $50 billion will be subject to annual audits, aiming to enhance regulatory transparency.

NEW: Chairman @RepFrenchHill and House leaders confirmed that the week starting July 14 will focus on several key bills, including the CLARITY Act and Anti-CBDC Surveillance State Act. @SpeakerJohnson @SteveScalise… pic.twitter.com/vIUoGaoSy1

— Financial Services GOP (@FinancialCmte) July 3, 2025

These stringent regulations are designed to avoid situations akin to the FTX disaster, ensuring that tokens possess actual backing rather than existing solely as entries on financial statements.

While lawmakers had proposed their own initiative, the STABLE Act, it remained stalled in committee. Adopting the Senate’s version is anticipated to streamline the legislative process.

The goal is to complete actions by a self-imposed August deadline, aligning with communications from President Trump who aims for legislation to be finalized before month-end.

Clarifying Regulatory Authority

Reports indicate that another key proposal is the Digital Asset Market Clarity Act. This act intends to delineate responsibilities between the SEC and the Commodity Futures Trading Commission.

If passed, it will require crypto firms to be transparent with their financial obligations to consumers and segregate user funds in dedicated accounts. Proponents believe this will bolster investor protection and enable the US to stay competitive with foreign markets.

However, skepticism persists among Democrats who highlight the unclear legal landscape that often incentivizes bad practices. They caution that fresh regulations could still leave significant loopholes. Conversely, Republicans contend that without a solid framework, innovators may seek more favorable conditions overseas.

Congratulations to President Trump for the passage of a transformative bill enhancing the economy — now it’s time for Digital Currency Week in the House!

GENIUS…

— Bo Hines (@BoHines) July 3, 2025

Preventing a Federal Digital Dollar

The third legislative proposal is championed by Majority Whip Tom Emmer, aiming to prohibit the Federal Reserve from launching a retail-oriented CBDC.

Emmer expresses concerns that a digital dollar managed by the Fed would infringe on personal privacy by allowing federal oversight of individual transactions. He argues that this poses serious risks to civil liberties.

Supporters of Emmer’s bill worry it could be excessively broad, especially given the Fed’s current lack of interest in consumer-focused CBDC. Nonetheless, his proposal mirrors national anxieties around government surveillance in financial transactions.

Aiming for Cohesive Implementation

House Speaker Mike Johnson, alongside Financial Services Chair French Hill and Agriculture Chair GT Thompson, unveiled these legislative efforts. They expressed a desire for all three bills to be debated and voted on within a single session.

On the same day, leaders issued a unified statement heralding this as a “significant initial step” toward establishing American leadership in the realm of digital finance.

Featured image from Meta AI, chart from TradingView