“Crypto Week” kicks off on Monday in the U.S. House, as announced by Republican leadership, and the cryptocurrency industry is looking ahead to seismic legislative wins after spending a fortune to help elect what they’re hailing as the most crypto-friendly Congress ever.
Speaker Mike Johnson said the House will be taking up “three landmark pieces of legislation,” establishing what supportive lawmakers are calling “light-touch guardrails” on digital assets. Each of the bills is championed by crypto industry lobbying groups.
One is the marquee CLARITY Act (H.R. 3633), also called a crypto market structure bill, sponsored by a powerful crypto cheerleader, Financial Services Committee Chair French Hill (R-Ark.). The bill advanced out of his committee and the House Committee on Agriculture on June 10 on bipartisan votes. It would largely hand the crypto industry its preferred regulator, giving the Commodity Futures Trading Commission (CFTC) jurisdiction over digital assets on blockchains that are deemed to be decentralized, versus the Securities and Exchange Commission (SEC). The industry seeks to avoid the SEC’s application of restrictive securities laws in favor of the smaller CFTC’s looser oversight of commodities.
Earlier this week, the Coinbase-founded advocacy group Stand With Crypto sent a letter to representatives pushing them to support the CLARITY Act. The group’s website prompts visitors to send their House members an email urging them to support the bill, so as to protect innovation and “help maintain this momentum.” The letter obliquely gestures at Democratic efforts to call out the Trump family’s rapid-fire profiting from crypto projects, saying, “We know that there have been efforts to politicize crypto legislation,” but warns the U.S. risks falling behind without the bill.
In testimony last month to the House Committee on Financial Services, Amanda Fischer, policy director at the nonprofit government watchdog Better Markets, warned lawmakers that the CLARITY Act worsens disclosure standards and liability provisions compared with digital assets being treated under existing securities laws, stripping crucial consumer protections and risking market manipulation. Fischer previously served as chief of staff to former SEC Chairman Gary Gensler from January 2023–January 2025, and prior to that as senior counselor to the chair.
“This bill's regulatory gaps will not be quarantined to crypto,” Fischer told lawmakers at the June 6 hearing. She said that the CLARITY Act’s lax rules would incentivize financial companies to move more of their operations, like raising capital, onto blockchains to avoid regulatory requirements and cut costs.
