The US House of Representatives is preparing to vote on three important bills related to crypto assets, as Democratic Party members propose strict amendments focusing on conflicts of interest and foreign leaders.
A heated political and legal debate is taking place on Capitol Hill as the US House of Representatives enters the work week with the theme "Crypto Asset Week", an initiative promoted by the Republican Party. The bills under discussion include the Anti-CBDC Surveillance Act, the CLARITY Act on market structure, and especially the GENIUS Act related to stablecoin.
However, the review of these bills is facing strong opposition from the Democratic Party, with amendments directly targeting what they describe as crypto asset corruption.
At the center of the confrontation is the GENIUS Act, which has received support from both parties in the Senate. However, in the House, Representative Maxine Waters has proposed four highly challenging amendments. Waters accuses that these bills were actually drafted by the crypto asset industry to serve special interests.
She also specifically noted potential conflicts of interest, including the connection between President Donald Trump, his family, and the crypto assets they support. Most notably, the amendment proposes banning the president, vice president, and congressional members from holding or promoting any crypto assets.
Another important Democratic amendment targets international regulations, requiring the US Secretary of the Treasury not to recognize stablecoin management regimes of countries whose leaders are self-identified or considered dictators. This proposal clearly criticizes President Nayib Bukele of El Salvador, a country famous for its strategy of promoting cryptocurrencies like Bitcoin.
On the opposite side, the Republican Party also has its own amendments to protect the fundamental principles of the crypto asset community. A prime example is Representative Warren Davidson, who proposed a clause clearly affirming the individual's right to self-custody of digital assets, a principle highly valued by the digital asset community.
With the US Congress having only eight working days in July before entering the August recess, the pressure to reach consensus is increasing. The Republican side, led by House Financial Services Committee Chairman French Hill, is working to push the bills to a full vote with the goal of protecting investors and consolidating the US position in financial technology.
Parallel to the congressional debate, lobbying organizations like Stand With Crypto, affiliated with Coinbase, are also intensifying campaigns supporting clearer legal regulations. The result of this legislative week will not only determine the future of specific bills but also serve as an important signal reflecting the US's long-term stance and strategy towards the global digital asset industry.
