Key Takeaways
- Democrats have vowed to block passage of key crypto bills, including the GENIUS and CLARITY Act, calling them ‘dangerous’ and enablers of fraud. Will Republicans pass the bills?
The U.S. Congress is gearing up for a crypto showdown starting from the 15th of July.
To counter Republicans’ ‘crypto week’ for accelerated passage of key stablecoins bills, the GENIUS Act and market structure bill, CLARITY Act, Democrats have vowed to block it.
In a statement, Democrats led by Maxine Waters and Stephen Lynch announced an ‘anti-crypto corruption week’, citing alleged massive fraud in President Donald Trump-linked crypto ventures.
They added,
“Together, these bills pave the way for massive crypto fraud and legitimize President Trump’s crypto corruption, which has already netted him a staggering $1.2 billion.”
Trump-linked crypto ventures have grown recently, from stablecoins to memecoins. And some users have reportedly lost massive capital in the Official Trump [TRUMP] memecoin.
The crypto legislation showdown
The GENIUS Act, recently passed by the Senate, will be considered by the House.
If the House approves it without changes, it’ll go directly to the President. Any amendments, however, will send it back to the Senate and stall progress.
The CLARITY Act, another key crypto bill, will also be reviewed in the House before it’s passed on to the Senate.
Republicans appeared to be confident of pushing through with the crypto bills. Bo Hines, the White House chief advisor on digital assets, said,
“Huge week ahead — it’s Crypto Week in the House! GENIUS heads to the President’s desk. Clarity moves to the Senate.”
Source: X
This meant that he expected even the GENIUS Act to pass without any amendments in the House.
Anti-CBDC bill joins the spotlight
Additionally, the anti-central bank digital currency (CBDC) will also be discussed and possibly banned to ensure ‘freedom’ from state surveillance.
But Democrats termed these bills ‘dangerous pieces of legislation’ and slammed their Republican colleagues for failing to ‘stand up to the crypto lobby’ and the President.
“Well, Democrats are not afraid, and will spend this week reminding the public of the true cost of this corruption. Our message is clear: we will not allow the financial system to become a vehicle for self-dealing, lawlessness, and abuse of power.”
Will Republicans win again?
Worth pointing out, however, that Democrats have unveiled several proposals to block perceived “Trump crypto frauds” in the past. None of them has picked up pace as of the time of writing.
Besides, the Republicans recently passed the controversial ‘Big Beautiful Bill’ and the GENIUS Act despite great opposition.
In fact, the GENIUS Act initially faced a holdout from key Democrats in the Senate, only to be pressured by the well-oiled crypto lobby.
That said, the crypto bills are expected to be passed into law by August or September. It remains to be seen whether Republicans will meet this deadline amid Democrats’ opposition.
