Washington’s New “Crypto Week” Makes You Wonder If Congress Finally Gets Blockchain

by

Oh, look! Washington D.C. is finally waking up to the whole “digital assets” thing. They’re making it official with a week-long legislative party known as “Crypto Week” that will take over the week of July 14th, 2025. And no, this isn’t a late-night infomercial for the latest crypto trading app, it’s a serious attempt to change the game for cryptocurrencies in the U.S. Think of it like a legislative New Year’s resolution, except instead of gym memberships, they’re pushing for blockchain innovation. 🎉

Championed by some key House heavyweights like Financial Services Committee Chairman French Hill and Agriculture Committee Chair Glenn Thompson, Crypto Week is all about rewriting the rules for digital assets. This new push is coming right after President Trump’s “Big Beautiful Bill” — which, fun fact, completely ignored crypto. But hey, we’re still here, folks!

So, what does this all mean? Well, Crypto Week is aiming to move digital assets from the “weird fringe” to the “super serious policy discussion” section. Because who doesn’t want America to stay ahead of the global blockchain race? 🇺🇸 Get ready for some serious lawmaking, with proposed bills like the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act — all targeting different crypto ecosystem issues. Exciting, right? (Please, hold your applause.)

Charting the Course: The CLARITY Act’s Regulatory Blueprint

First up, the CLARITY Act — because, apparently, lawmakers are tired of the crypto industry being a giant question mark. It’s a bipartisan attempt to set up a regulatory framework for digital assets that won’t make everyone want to scream. The CFTC and SEC have been fighting over who gets to regulate crypto like a family feud, so the CLARITY Act will clear that up. The bill introduces a snazzy three-tier token taxonomy that includes digital commodities, stablecoins, and other digital assets that no one really cares about (just kidding, sort of). 🍪

The act would also let the CFTC take control of “digital commodities” like Bitcoin. Finally, Bitcoin gets the respect it deserves! The bill also creates an exemption for issuers raising up to $75 million annually and makes crypto platforms play nice with the traditional financial institutions by enforcing anti-money laundering (AML) and know-your-customer (KYC) rules. And, just to make things more fun, versions of this bill have already passed House committees. A full House version should be coming soon, so don’t touch that dial!

Protecting Privacy: The Fight Against a CBDC

Next up, let’s talk about the Anti-CBDC Surveillance State Act — because who wants the government spying on their coffee purchases? Not us! This bill, already passed by the House, prevents the Federal Reserve from issuing a central bank digital currency (CBDC) directly to the people. Congressman Tom Emmer, the hero we didn’t know we needed, is leading the charge against what some fear could become a financial surveillance state.

The Act explicitly prohibits the Federal Reserve from even thinking about issuing a CBDC. No more watching our spending habits, thank you very much. Congress thinks a CBDC could turn us all into financial guinea pigs, and they’re not having it. It even blocks the Fed’s ongoing CBDC pilot programs. Talk about playing defense! 🛑

Stablecoin Stability: The GENIUS Act’s Framework

Hold on to your hats, because here comes the GENIUS Act. This legislation just passed the Senate with a solid bipartisan vote (68-30), so it’s got some serious momentum. It introduces a federal framework for payment stablecoins, which are digital assets tied to a fixed value. Basically, they’re trying to make sure that your stablecoins don’t go all wild and unpredictable like that one friend who always cancels plans at the last minute.

Under this bill, stablecoin issuers have to keep a 1:1 reserve with U.S. currency (aka the good stuff), and they’re treated like real financial institutions — AML programs, customer due diligence, the whole nine yards. But the real fun comes with the regulation: big issuers (over $10 billion market cap) get federal oversight, while the smaller ones can stick with state-level regulation. Meanwhile, some lobbyists are already lobbying to change the ban on stablecoins earning yield. Because, of course, they are. 💰

Taxing Innovation: Senator Lummis’s Push for Clarity

And finally, let’s talk taxes — because what would Crypto Week be without some good ol’ tax confusion? Senator Cynthia Lummis has introduced a draft crypto tax bill to bring some much-needed clarity to digital asset taxes. The bill includes a de minimis exemption, which would allow for capital gains on crypto transactions under $300 (up to $5,000 annually) without triggering a nightmare of paperwork. So yes, now you can buy your morning coffee with Bitcoin without having to file a 10-page form. 🎉

The bill also proposes deferring taxes on mining and staking rewards until the assets are sold, and it even exempts crypto lending agreements and charitable donations. But, of course, some crypto tax provisions didn’t make it into the latest budget, so don’t hold your breath for full tax reform just yet. But hey, at least they’re trying! Who knew tax law could actually be…innovative?

Read More

2025-07-06 08:21