Crypto Week kicks off in US with ‘landmark’ digital asset legislation in global spotlight
Three high-profile pieces of digital assets legislation are in line to be discussed by the House of Representatives during Crypto Week in Washington DC, which is kicking off today.
The Digital Asset Market Clarity Act (Clarity Act) aims to establish a comprehensive regulatory framework for digital assets and cryptocurrencies; the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) aims to create the first federal comprehensive regulatory framework for payment stablecoins; and the Anti-CBDC Surveillance State Act aims to block the issuance of a retail central bank digital currency (CBDC) – a digital dollar.
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 a press notice.
Committee chairman French Hill, alongside agriculture committee chairman GT Thompson and the House leadership, awarded the moniker ‘Crypto Week’ to 14-18 July to mark the work on this legislation. On the cusp of Crypto Week, the price of the world’s best-known cryptocurrency, bitcoin, hit an all-time high on 11 July, trading at more than US$118,000 (more than £87,000).
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’, Trump has undertaken numerous actions, including hosting a ‘Digital Assets Summit’ (also referred to as ‘Crypto Summit’) at the White House.
STABLECOINS EXPLAINED: Stablecoins are cryptocurrencies designed to maintain a stable value by having their market value pegged to an external reference, typically fiat currency. The world’s two biggest stablecoins (by market capitalisation) are Tether and USD Coin – both are, like most stablecoins, pegged to the US dollar.
Digital asset legislation ‘long overdue’
“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 [the Clarity Act], 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.”
Government Service Delivery – the new name for GovernmentDX – will bring together global digital government leaders to explore how governments can use tech-driven innovation to deliver high-quality public services. The event will be held at Walter E Washington Convention Center, Washington DC on October 29-30, 2025. Find out more and register your interest here.
The world awaits
The trajectory and momentum of US policymaking in favour of cryptocurrencies and tokenised finance under Trump’s presidency is being closely followed across the world.
In the UK, for example, the developments in the White House were repeatedly referenced during different sessions of the Innovate Finance Global Summit (‘IFGS 2025’), an annual event that convenes the private sector and policymakers, on 29 April.
UK chancellor Rachel Reeves announced the publication of draft regulation for regulating cryptoassets in the UK on the same day as the London event. The UK has lagged the EU – which the country left in January 2020 – in regulating crypto. The 27-member bloc’s landmark Markets in Crypto-Assets (MiCA) regulation (also abbreviated to MiCAR) came into full force in December 2024.
Tom Duff Gordon, the London-based vice-president for international policy at US-headquartered cryptocurrency exchange Coinbase, said that “there’s a real determination” across the different branches of the federal government “to move forward and to do something really cutting edge with regard to cryptoassets and tokenisation”.
Lord Ed Vaizey, speaking on a later panel, was asked whether the US administration’s crypto actions would have a knock-on effect in other nations, particularly the UK. “Yes, I’m sure it will,” he responded. “I think the administration has got itself into the right place, in theory – we’ll see what happens in practice – which is that crypto needs to be regulated.”
“There’s no doubt at all that when the US administration decides to change its mind and take the lead in an area like this, it will make the weather,” Vaizey said.
This article was intitially published by Global Government Forum’s sister title Global Government Fintech: ‘Crypto Week’ kicks off in US with ‘landmark’ digital asset legislation in global spotlight
About Ian Hall
Ian is editor of Global Government Fintech a sister publication to Global Government Forum. Ian also writes for media including City AM and #DisruptionBanking. He is former UK director for the pan-European media network Euractiv (2011-2018), editor of Public Affairs News (2007-2011) and news editor of PR Week (2000-2007). He was shortlisted for ‘Editor of the Year’ at the British Society of Magazine Editors (BSME) Awards in 2010. He began his career in Bulgaria at English-language weekly the Sofia Echo. Ian has an MA in Urban and Regional Change in Europe and a BA in Economics, both from Durham University.
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