As House Republicans push to address three cryptocurrency-related bills starting Monday, the political divide in the U.S. Congress over digital asset issues appears to be deepening, with House Democratic leaders announcing their counter-agenda.
In a notice on Friday, senior members of the House Financial Services Committee, Maxine Waters and Stephen Lynch, senior members of the Digital Assets Subcommittee, stated that they would lead the Democratic effort to oppose what they call "dangerous" legislation proposed by Republicans.
Republican leaders indicated earlier this month that they would begin addressing bills concerning payment stablecoins, cryptocurrency market structure, and central bank digital currency (CBDC) starting Monday.
“(Republicans) are doubling down by fast-tracking a package of dangerous crypto legislation,” Waters said. “In addition to the lack of much-needed consumer protections and national security safeguards, these bills would make Congress complicit in the unprecedented crypto scams of the Trump era.”
Given the slim majority in the House, it remains unclear whether Republicans have enough support to pass all three cryptocurrency bills in a full House vote, especially considering the opposition led by Democrats like Waters and Lynch.
The GENIUS Act, which regulates stablecoins, passed the Senate after initial opposition from several Democrats, but debates surrounding many crypto-centric legislations often include discussions about former President Donald Trump's crypto ventures.
“My Republican colleagues are eager to continue serving the crypto industry while conveniently ignoring the vulnerabilities and opportunities for abuse that exist in crypto,” Lynch said.
Reports indicate that Trump has added approximately $620 million to his personal investment portfolio over several months due to investments in the crypto industry, including his family-backed company World Liberty Financial. This crypto company has also come under scrutiny for issuing its own stablecoin, USD1, as lawmakers may be susceptible to Trump's political influence while considering legislation to regulate the asset.
In addition to the GENIUS Act, House Republicans indicated they would consider anti-CBDC surveillance state legislation—a bill aimed at preventing the U.S. government from developing a digital dollar—as well as the CLARITY Act, which establishes a market structure for digital assets.
On Friday, White House crypto advisor Bo Hines stated on the X platform that he expects the House to pass the GENIUS Act without any amendments or provisions, quickly advancing the bill to the president's desk.
However, efforts to pass the cryptocurrency market structure bill seem to be shifting to the Senate. In June, Senate Banking Committee Chairman Tim Scott, Hines, and Wyoming Senator Cynthia Lummis indicated that the Senate would work to draft, introduce, and pass a bill by September 30, prior to the House's announcement of the "Crypto Week" plan for the CLARITY Act.
“This will be the best draft of the market structure bill we have debated in the House since 2023,” House Financial Services Committee Chairman French Hill said on the Thinking Crypto podcast released on Friday.
The market structure bill could clarify the responsibilities of key U.S. financial regulatory agencies regarding digital assets, particularly the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill proposed in the House suggests granting the CFTC more authority to register and regulate digital assets.
Related: Bank of England Governor warns against privately issued stablecoins
Original: “U.S. Democrats Counter Digital Asset Bills with ‘Anti-Crypto Corruption Week’”
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