The US Congress kicked off what’s been labeled as “crypto week” on Capitol Hill, with Republicans pushing digital asset legislation and Democrats framing the effort as a cover for crypto “corruption.” But instead of focusing on crypto, opening arguments quickly shifted to defense spending.
In a Monday meeting of the US House Committee on Rules, Massachusetts Representative Jim McGovern used his opening statement to excoriate Republican lawmakers and President Donald Trump for their attempts to push through three crypto bills: the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS), the Digital Asset Market Clarity Act (CLARITY), and the Anti-CBDC Surveillance State Act.
McGovern referred to the bills as the “GOP’s crypto giveaway,” criticizing the legislation for offering “weak and ineffective” regulatory solutions at the expense of investors.
“I have not had one person in my district come up to me and say, ‘please, please Jim, make it easier for crypto millionaires to get richer, please make it easier to con people,’” said McGovern. “Yet that is exactly what is going on here.”
“This isn’t about innovation — it’s about corruption […] These bills even carve out special treatment for Trump’s personal crypto ventures.”
North Carolina Representative Virginia Foxx, who chairs the committee, opened with a general overview of the three crypto bills and the Department of Defense Appropriations Act. She began with claims on the GENIUS Act, suggesting that Republicans might be prioritizing the stablecoin bill over market structure and regulating CBDCs.
“This legislation is historic, and it will help propel responsible innovation within America and lead us to securing an even stronger foothold within the global financial system,” said Foxx, referring to the GENIUS Act.
Related: ‘Crypto Week’ approaches: Will these three pro-crypto bills pass?
Crypto bills may need bipartisan support to pass
Many Democrats in Congress, where Republicans have a slim majority and may need the other party’s support to pass all three bills, have been pushing back against the legislation.
Lawmakers, including Representative Maxine Waters and Senator Adam Schiff, have cited the president’s potential conflicts of interest through his family-backed crypto company World Liberty Financial, its stablecoin, USD1 and his memecoin, Official Trump (TRUMP).
At the time of publication, debate in the House committee had shifted to discussions over the Department of Defense Appropriations Act, but is expected to return to digital assets soon.
Republican House leaders suggested they intended to pass all three bills before the congressional August recess, giving them less than two weeks.
Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears
