The U.S. House of Representatives is set to take a major step in cryptocurrency regulation, as it gears up for “Crypto Week” beginning July 14. During this week, House Republicans plan to push forward key pieces of legislation related to stablecoins and central bank digital currencies (CBDCs).

Among the primary bills under consideration are the GENIUS Act, focused on stablecoin regulation, and the Anti-CBDC Surveillance State Act, which aims to block the Federal Reserve from issuing a CBDC directly to individuals.

The GENIUS Act, which was passed by the Senate in June, is expected to take center stage during Crypto Week. The bill outlines comprehensive rules for the issuance and regulation of stablecoins, a rapidly growing segment of the digital asset market.

It requires that stablecoins be fully backed by U.S. dollars or other liquid assets, ensuring their stability. The bill also mandates annual audits for issuers with a market capitalization of over $50 billion.

House Financial Services Committee Chair, French Hill, emphasized the importance of clear regulatory guidelines for stablecoins. “Clear rules for stablecoins are long overdue,” Hill said. He also noted that passing the GENIUS Act would bring much-needed clarity to the stablecoin market. While the Senate has already approved the bill, the House now must consider it. Hill and other House leaders have expressed confidence that the legislation will gain approval.

Alongside the GENIUS Act, the House is also expected to review the Digital Asset Market Clarity Act, or CLARITY Act. The bill, which has garnered bipartisan support, aims to create a clear regulatory framework for the broader digital asset market.

It designates the Commodity Futures Trading Commission (CFTC) as the primary regulator of digital commodities, limiting the Securities and Exchange Commission’s (SEC) jurisdiction.

The CLARITY Act seeks to address growing concerns over inconsistent regulation in the crypto space, which has left many market participants uncertain about how to operate. By establishing distinct guidelines for digital asset firms, the bill aims to foster greater transparency and stability within the market. The bill also includes provisions to protect investors and ensure proper disclosures by digital asset firms.

A third key piece of legislation that will be on the agenda during Crypto Week is the Anti-CBDC Surveillance State Act. The bill aims to block the Federal Reserve from directly issuing a CBDC to individuals, a measure that many lawmakers argue could infringe on Americans’ financial privacy.

The bill has gained traction among House Republicans, who are concerned about the potential for surveillance associated with a CBDC.

However, Rep. Tom Emmer, a leading sponsor of the bill, expressed strong opposition to the creation of a CBDC, stating that it could create “unprecedented government surveillance of everyday financial transactions.” Emmer and other lawmakers argue that such a move would undermine personal freedoms and lead to greater government control over financial systems.