Bitcoin has surged past $120,000 amidst discussions on virtual asset laws in the U.S. House and significant institutional buying. Lawmakers are set to discuss the Digital Asset Market Clarity Act, the GENIUS Act for stablecoins, and the Anti-CBDC Surveillance State Act during 'Crypto Week'. These legislative efforts aim to establish regulatory clarity and safeguard financial privacy, potentially positioning the U.S.
US Representatives are expected to vote on the Genius Act bill that would allow private companies to issue stablecoins, a type of cryptocurrency that has its value tied directly to a state-issued currency, often the dollar, reports The Investopedia. The bill would require companies issuing stablecoins to back them one-to-one with liquid cash.
Amid the buzz, corporate interest in stablecoins has gone up with tech giants such as Amazon and Walmart reportedly considering launching their own stablecoins, which shoppers could use as a payment option.
The House is also expected to take up the Digital Asset Market Clarity Act, a bill aimed at creating a clear regulatory framework for cryptocurrencies. The legislation would define the roles of both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets.
The bill has gained strong support from industry players like Coinbase Global (COIN), which has launched a six-figure advertising campaign urging lawmakers to pass it.
Also on the agenda is the CBDC Anti-Surveillance State Act, a proposal that would block the Federal Reserve from issuing a central bank digital currency (CBDC), amid growing concerns about financial privacy and government overreach.
President Donald Trump signed an executive order titled ‘Strengthening American Leadership in Digital Financial Technology’ three days into his second term as president. As part of an ambition to make the US the ‘crypto capital of the world’ – an unlikely scenario to have foreseen during his first presidency, when he was anti-crypto – he has since undertaken numerous ‘pro-crypto’ actions, including hosting a ‘Digital Assets Summit’ (also referred to as ‘Crypto Summit’) at the White House.
“We are taking historic steps to ensure the United States remains the world’s leader in innovation and I look forward to ‘Crypto Week’ in the House,” Hill said in the press notice. “After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a CBDC to safeguard Americans’ financial privacy.”
“I thank my colleagues in Congress and the Trump Administration for their partnership and leadership and stand ready to work alongside the Senate [upper house] as they work to advance standalone market structure legislation by the end of September,” he added.
“Digital asset market structure legislation is long overdue,” said Thompson. “During many hearings, roundtables and other events, we have heard from countless innovators, creators, professors, lawyers and constituents. Time and again, we have heard the calls for regulatory clarity and certainty in this ecosystem. The House agriculture and financial services committees worked together to deliver Clarity, and it will soon be time for the House to deliver for the American people and send Clarity to the Senate. I thank House leadership for recognising the urgent need for Clarity to cement American leadership in the digital asset space.”
The press notice includes a reaction from Cynthia Lummis, one of two senators for the state of Wyoming, which is aiming to issue the first fiat-backed, fully-reserved stablecoin issued by a public entity in the US (the ‘Wyoming Stable Token’) – a groundbreaking digital money programme for the public sector
“For the first time in US history, we have a president who sees the value in embracing digital assets, and already we are working to capitalise on that,” Lummis said.“In Wyoming, we have worked for nearly a decade to embrace digital assets, and it is exciting to see the federal government beginning to follow in the Cowboy State’s footsteps. As we celebrate Crypto Week, I am thrilled to partner with chairman Hill and chairman Thompson to pass comprehensive stablecoin legislation, establish clear market structure rules, and ensure that any central bank digital currency respects Americans’ privacy and financial freedom. Together, we are going to maintain America’s competitive edge and ensure the United States remains the global leader in financial technology while preserving the principles that make our economy the strongest in the world.”
The US Senate passed the Genius Stablecoin Act on June 17, 2025, marking a major step toward federal regulation of stablecoins. The bill establishes a framework for issuing and regulating stablecoins, digital assets pegged to fiat currencies such as the US dollar. The act now moves to the House of Representatives for consideration and an approval from the House would send it to President Donald Trump’s desk.
The lower house of Congress ‘looks forward to considering’ the Clarity Act, GENIUS Act and Anti-CBDC Act ‘as part of Congress’s efforts to make America the crypto capital of the world,’ the financial services committee said in an official release.
