Detailed Explanation of the U.S. Congressional Encryption Week: Contents of Three Major Bills, Market Trends, and Industry Opinions

Deng Tong, Golden Finance

The U.S. House Financial Services Committee announced that "Crypto Week" will begin on July 14 and end on July 18. Legislators will debate and possibly vote on three major crypto bills: the "CLARITY Act," which will define regulatory oversight of the crypto market; the "GENIUS Act," which establishes a framework for stablecoins and has been approved by the Senate; and the "Anti-CBDC Surveillance State Act," which will prohibit the creation of a U.S. central bank digital currency.

What do the three major bills say? How do they affect the cryptocurrency market? What do industry insiders think? What are the specific schedule arrangements for "Crypto Week"?

I. Review of the Three Major Bills

1. "CLARITY Act"

The CLARITY Act is a market structure bill based on the 21st Century Financial Innovation and Technology Act.

On May 29, 2025, House Financial Services Committee Chairman French Hill introduced the "Digital Asset Market Clarity Act," aimed at eliminating the long-standing ambiguity in the regulation of digital assets by clearly defining the roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

On June 23, the House Financial Services Committee and the Agriculture Committee submitted the bill, which defines digital commodities as digital assets whose value is "intrinsically linked" to the use of blockchain.

• The "CLARITY Act" requires that the value of digital goods related to mature blockchains "primarily derives from the use and operation of the blockchain," and shall not restrict or grant any user privileges, while limiting specific holders to holding less than 20% of the circulating units. Maturity (or expected maturity) will become a prerequisite for certain characteristics of the framework of this Act. This Act will provide exemptions from the registration requirements of the Securities Act of 1933 for investment contracts involving digital goods on mature blockchains that meet specific conditions.
• The bill will allow traditional securities market participants already registered with the U.S. Securities and Exchange Commission (SEC) to participate in secondary market trading after notifying the U.S. Commodity Futures Trading Commission (CFTC) (but without the need for registration), provided that the regulation of the two agencies is "consistent." The bill will grant the U.S. Commodity Futures Trading Commission (CFTC) exclusive regulatory jurisdiction over any digital commodity transactions (including spot or cash markets) conducted by entities that are either registered with it or required to be registered.

For more content, please see: "Focus on the CLARITY Act: A Comprehensive Analysis of Its Content, Significance, and Industry Evaluation"

2. "GENIUS Act"

On June 17, 2025, the U.S. Senate passed the landmark "GENIUS Act," advancing the federal government's regulatory efforts on stablecoins.

• The bill prohibits any non "authorized payment stablecoin issuer" from issuing payment stablecoins in the United States.
• The bill defines "payment stablecoins" as digital assets that maintain a fixed value through support from fiat currency or other secure reserves.
• The bill imposes federal standards on institutions authorized to issue payment stablecoins, including full backing reserve requirements, reserve segregation, monthly certification, as well as capital and liquidity requirements, and a prohibition on rehypothecation.
• The bill allows state-regulated payment stablecoin issuers to issue stablecoins, provided that the applicable regulatory framework is substantially similar to the federal framework.
• The bill grants federal banking agencies enforcement authority over entities approved to issue payment stablecoins, similar to the powers conferred by Section 8 of the Federal Deposit Insurance Act on insured deposit institutions and their holding companies and affiliates.
• The bill establishes customer protection standards for individuals providing custodial services for approved payment stablecoins, including oversight and regulation, fund segregation, mixing prohibition standards, and monthly audit reports of legal reserves.
• The bill prohibits federal banking agencies, NCUA, and SEC from requiring custodial assets to be treated as liabilities. The bill also amends federal securities law to explicitly state that payment stablecoins are not securities.

For more content, please see: "The GENIUS Act Passed by the U.S. Senate: What Impact Does It Have on the Cryptocurrency Industry"

3. "Anti-CBDC Surveillance State Act"

On March 25, 2025, the Senate introduced the "Anti-CBDC Surveillance State Act."

• Prohibit the Federal Reserve from providing certain products or services to individuals, and prohibit the direct issuance of central bank digital currency.
• Prohibit the Federal Reserve from indirectly issuing central bank digital currency.
• Congress believes that the Board of Governors of the Federal Reserve has no authority to issue central bank digital currency, or to issue digital assets that are essentially similar under any other name or label, and will not have such authority unless Congress grants such power under Article I, Section 8 of the U.S. Constitution.

2. Impact on Cryptocurrency Markets

1. Short-term impact: Drive the rise of the cryptocurrency market

With the arrival of "Cryptocurrency Week", the crypto market has shown strong anticipation. BTC has today surpassed a new high of $122,000, currently reported at $122,096, with a daily increase of 3.5%. Other cryptocurrencies are also experiencing a broad rally.

"Cryptocurrency Week" not only brings short-term positive news to the crypto market, but in the long run, the increase in regulatory certainty will attract more institutional funds, pushing mainstream currencies like Bitcoin into a "slow bull" phase. Meanwhile, sub-sectors such as DeFi and NFTs may experience a wave of innovation due to the exemption clauses in the "CLARITY Act."

2. Long-term impact: Attracting institutional investors to enter the market.

The spot Bitcoin ETF and spot Ethereum ETF have achieved several consecutive days of net inflow:

From July 7 to July 11 Eastern Time, Bitcoin spot ETFs saw a net inflow of $2.72 billion last week. The Bitcoin spot ETF with the highest net inflow last week was BlackRock Bitcoin ETF IBIT, with a weekly net inflow of $1.76 billion, bringing the total historical net inflow of IBIT to $54.4 billion. The second was Fidelity ETF FBTC, with a weekly net inflow of $400 million, and the total historical net inflow of FBTC currently stands at $12.61 billion.

Ethereum spot ETF saw a net inflow of $908 million in a single week, with none of the nine ETFs experiencing net outflows. Among them, BlackRock's ETHA had a net inflow of $675 million, with a historical total reaching $6.29 billion; Fidelity's FETH had a net inflow of $87.04 million, accumulating to $1.83 billion. The total assets under management of Ethereum spot ETFs stand at $13.53 billion, accounting for 3.77% of Ethereum's market capitalization. The historical cumulative net inflow has reached $5.31 billion.

The above data indicates that institutional investors are "voting with their feet," as they are optimistic that the crypto market will continue to drive the prices of cryptocurrencies like BTC upwards in the long term.

III. Opinions of Industry Insiders

• Chairman of the House Financial Services Committee French Hill: "We are taking historic steps to ensure that America continues to lead the world in innovation, and I look forward to the House's 'Cryptocurrency Week'. After years of focused work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets, to protect the rights of consumers and investors, to set rules for the issuance and operation of dollar-backed stablecoins, and to permanently prevent the creation of Central Bank Digital Currency (CBDC) to safeguard the financial privacy of Americans. I appreciate the collaboration and leadership of my congressional colleagues and the Trump administration, and I am ready to work hand in hand with the Senate to advance independent market structure legislation by the end of September."
• House Speaker Mike Johnson: “House Republicans are taking decisive action to fully implement President Trump’s agenda on digital assets and cryptocurrencies. During ‘Cryptocurrency Week,’ the House looks forward to timely consideration of three landmark pieces of legislation. I appreciate the close cooperation between the Financial Services Committee and the Agriculture Committee, as well as the leadership of Chairmen French Hill and GT Thompson, and I look forward to President Trump signing these bills.”
• Majority Leader Steve Scalise: "To fulfill President Trump's commitment to make America the global leader in the digital asset space, House Republicans will introduce three major bills during 'Cryptocurrency Week.' These legislations will further advance the President's pro-growth and pro-business agenda, providing a clear regulatory framework for digital assets. I want to thank Financial Services Committee Chairman French Hill and Agriculture Committee Chairman GT Thompson for their leadership on this issue and look forward to submitting these legislations to the President."
• Majority Whip Tom Emmer: "This is a historic opportunity for America. After years of effort, America's innovators are one step closer to building the clear framework needed domestically, while ensuring that the future of the digital economy reflects our values of privacy, personal sovereignty, and free market competitiveness. **By submitting these three pieces of legislation to President Trump, we will protect the financial privacy rights of Americans and fulfill our commitment to make America the world's cryptocurrency capital. A new era of American excellence has finally arrived, and now it is time to get this done." **
• Chairman of the House Agriculture Committee GT Thompson: "I am pleased that the House will consider the CLARITY Act and other legislation related to digital assets this month. As I have said before, legislation on the market structure for digital assets has long been overdue. In numerous hearings, roundtables, and other events, we have heard countless voices from innovators, creators, professors, lawyers, and constituents. Time and again, we heard calls for regulatory transparency and certainty in this ecosystem. The House Agriculture Committee and the Financial Services Committee have worked together to facilitate the passage of the CLARITY Act, and the House will soon deliver on its promise to the American people by submitting the CLARITY Act for consideration in the Senate. I appreciate the House leadership recognizing that the CLARITY Act is crucial for solidifying the United States' leadership in the digital asset space."
• House Speaker Tim Scott: "The actions of the House mark a historic milestone in our efforts to build a clear and innovation-friendly framework for digital assets. I commend my colleagues in the House for their efforts to advance stablecoin legislation and look forward to seeing the GENIUS Act enacted into law. Under President Trump's leadership, we have a genuine opportunity to solidify America's dominance in the field of digital asset innovation while protecting consumer rights and maintaining financial freedom. I look forward to working with the House to drive market structure legislation through the Senate and ensure that America leads the future of digital assets."
• Wyoming Republican Senator Cynthia Lummis: "For the first time in American history, we have a president who recognizes the value of embracing digital assets, and we have been working to leverage this. In Wyoming, we have been working for nearly a decade to embrace digital assets, and I am pleased to see the federal government beginning to follow in the footsteps of the 'Cowboy State.' On this occasion of Crypto Week, I am excited to work with Chairman Hill and Chairman Thompson to establish clear market structure rules through comprehensive stablecoin legislation and ensure that any central bank digital currency respects the privacy and financial freedom of Americans. We will work together to maintain America's competitive edge and ensure that the U.S. remains a global leader in fintech, while upholding the principles that make our economy the strongest in the world."
• Congressman Brian Steil: "The golden age of digital assets has arrived, and the United States will lead the way. Legislation on stablecoins and market structure, along with a ban on CBDCs, will ensure that America wins the Web3 race. This plan encourages innovation and development in American Web3 businesses, protects consumers from fraud, and enables us to outpace our competitors, ensuring that the United States dominates the future of blockchain technology."
• Mason Lynaugh, Community Director of Stand With Crypto: The cryptocurrency industry views this moment as extremely urgent and decisive. “We have seen incredible momentum, incredible attention and focus on the topic of cryptocurrency, as well as bipartisan support.”
• Matthew Sigel, Head of Digital Assets Research at VanEck: **The "GENIUS Act" is most likely to pass, as fintech companies, banks, and internet companies are already working to launch dollar-backed tokens.
• OSL Chief Business Officer Eugene Cheung:** Bitcoin could reach between $130,000 and $150,000 by the end of the year.**
• Analyst Rachael Lucas from the Australian cryptocurrency exchange BTC Markets: "Bitcoin breaking through $120,000 is not just a milestone; it also signifies how deep digital assets have penetrated institutional portfolios. We expect altcoins to continue following Bitcoin's trend as traders diversify their portfolios and take on more risks."

In addition to "Cryptocurrency Week," other cryptocurrency market influencing factors to pay attention to this month:

• Trump's Digital Asset Working Group will release a cryptocurrency policy report on July 22, which may include a strategic Bitcoin reserve proposal.
• The Federal Reserve will hold a meeting on July 30, and it is expected to cut interest rates.

4. Appendix: What are the specific schedule arrangements for "Crypto Week"?

• Eastern Time on Monday, July 14 at 4:00 PM: The House Rules Committee will hold a meeting to discuss the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance Act.
• Eastern Time on Tuesday, July 15, at 3:00 PM: The Senate Agriculture Committee will hold a hearing on market structure legislation.
• Eastern Daylight Time on Tuesday, July 15 (specific time to be determined): The House may hold a meeting and begin voting on the three bills mentioned above.
• 9:00 AM EDT on Wednesday, July 16: The House Fundraising Committee will hold a hearing on cryptocurrency taxation.
• Eastern Time, Thursday, July 17: No arrangements currently.
• Eastern Time, July 18, Friday: If the House votes to advance the GENIUS Act on Tuesday, a bill may be signed.