Eight years ago, the first Trump Administration aspired to hold “Infrastructure Weeks,” but not in Trump ’47; instead, the House of Representatives is calling next week (July 14-18) “Crypto Week.”
Instead of debating its own stablecoin legislation—the STABLE Act—the House, under President Trump’s urging, expects simply to pass the Senate’s already passed GENIUS Act, to “regulate” (very lightly) the issuance of stablecoins purporting to be “dollars.” GENIUS was wanted on Trump’s desk immediately to buck up the Treasury market (the Treasury has had to begin using real dollars to buy its own debt, some $30 billion of it in the second quarter of 2025). So the House GOP leadership pushed aside lead sponsor Rep. French Hill’s desire to “reconcile differences” between the bills before voting. The Senate Finance Committee, meanwhile, will hold a July 16 hearing on the next crypto bill (for Bitcoin and all the other coins that admit they’re not stable), called the Digital Asset Market Clarity Act.
