What Happened in Crypto Week Today? Here’s Everything You Need to Know

This week in Washington was anything but boring for the crypto world. After months of debate, delays, and a little drama, Congress finally pushed through three major crypto bills.

Together, they mark the U.S. government’s biggest step yet toward building formal rules for cryptocurrencies.

Whether you’re cheering or cringing depends on how you view crypto’s future, but one thing’s for sure: this was a big week.

So, what exactly happened during Crypto Week? Let’s break it all down.

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Key Takeaways

1. Three major crypto bills passed the House: The GENIUS Act, CLARITY Act, and a CBDC ban are heading to the next stage.

2. Stablecoins now have official rules: The GENIUS Act requires reserves and transparency from issuers.

3. Regulatory power shifts: The CLARITY Act could limit SEC influence and give more oversight to the CFTC.

What Is the GENIUS Act and Why Does It Matter?

The GENIUS Act, short for “Guiding and Establishing National Innovation for U.S. Stablecoin,” is all about one specific kind of crypto: stablecoins.

These digital tokens are supposed to stay pegged to the dollar, and they’re already widely used as the “bridge” between fiat and crypto.

This bill isn’t just a wish list for the crypto industry. It’s already cleared the Senate and now awaits the president’s signature, which is expected soon. It’s a done deal. Once signed, the GENIUS Act becomes the first major standalone crypto law in U.S. history.

Here’s what the GENIUS Act includes:

Reserve requirements: Issuers of stablecoins must hold actual U.S. dollars (or equivalent assets) to back their tokens 1:1.

Transparency rules: Companies must disclose what’s backing their coins and report regularly.

AML provisions: Anti-money laundering checks are baked into the limit misuse.

This legislation isn’t without controversy. Critics argue it opens the door for non-financial giants like Amazon or Meta to act like banks, issuing stablecoins without traditional regulatory restrictions.

That could create chaos if a company collapses or mismanages reserves, kind of like the Wild West banking era.

Supporters, though, see the bill as a much-needed first step. For them, it’s about giving crypto a legal foundation that encourages growth while protecting users.

And then there’s the Trump factor. The president is openly pro-crypto and has financial interests in a stablecoin firm called World Liberty Financial.

Critics say that’s a clear conflict of interest, while supporters argue his backing helped push the bill over the finish line.

Read Also: Crypto Bills Passed Today: Clarity Act, Genius Act, and CBDC Ban Explained

The CLARITY Act: Sorting Out Who Regulates What

The second major bill passed during Crypto Week is the Digital Asset Market CLARITY Act. It’s a mouthful, but its purpose is pretty simple: to decide which U.S. agency should be in charge of crypto, the SEC or the CFTC.

Until now, that question has been a regulatory mess. The SEC has taken the lead in cracking down on crypto firms, but the industry has pushed back hard, saying it wants clearer rules. Enter the CLARITY Act.

Key changes the CLARITY Act proposes:

Split oversight: Some tokens would fall under the CFTC (which regulates commodities), while others stay with the SEC (which regulates securities).

Clear definitions: The bill outlines how to tell if a token is a security or a commodity, something courts and companies have debated for years.

A lighter touch: Compared to the SEC’s current stance, this bill leans more toward industry-friendly regulation.

For crypto advocates, the CLARITY Act is a massive win. They argue it creates a “common sense” framework and ends the uncertainty that has driven companies offshore.

Mason Lynaugh from Stand With Crypto praised it as a step toward U.S. leadership in blockchain.

But for critics like Rep. Maxine Waters, this law gives the crypto industry way too much leeway. In a scathing op-ed, she accused lawmakers of handing the keys to the same companies that caused previous financial crises, only this time, on the blockchain.

There’s also concern that these bills weaken the SEC at a time when more regulation might be needed, not less. After all, crypto’s track record includes quite a few bankruptcies, hacks, and rug pulls.

Read Also: Crypto Legislation 2025: What the GENIUS Act Means for the Market and the Environment

The CBDC Ban: Solving a Problem That Doesn’t Exist?

The third bill sounds dramatic: The Anti-Central Bank Digital Currency Surveillance State Act. Its goal? To block the U.S. government, specifically the Federal Reserve, from creating its own digital dollar.

At first glance, that might sound like a legitimate concern. After all, China has launched a digital yuan, and the EU is exploring a digital euro.

But here’s the twist: the U.S. isn’t even close to creating one. In fact, the Fed has shown little to no interest in launching a central bank digital currency (CBDC).

So why pass a bill to ban it?

According to supporters, it’s a pre-emptive strike. They argue a digital dollar would give the government too much control and threaten privacy. Some Republican lawmakers also see it as a way to stop government competition with private crypto.

What the bill does:

1. Bans the Fed from issuing a CBDC

2. Prevents future development or testing

3. Ties the ban to defense spending for political leverage

Critics call it political theatre. They point out that no CBDC is in development and that the bill only fuels paranoia.

Tech researcher Molly White joked that the bill solves a problem no one has, unless you think sustainable farming is your best hedge against financial collapse.

Still, it’s a symbolic win for crypto libertarians who fear any government involvement in digital money. And in a week dominated by pro-crypto legislation, it fit right in with the tone of the moment.

Read Also: GENIUS Act Boosts Bitcoin: What the Stablecoin Bill Means for Crypto Market

Conclusion: A New Era for Crypto in the U.S.

Crypto Week in Congress was a turning point. With the passage of the GENIUS Act, CLARITY Act, and the CBDC ban, lawmakers sent a clear signal: crypto is here to stay, and now it’s getting rules to match.

Supporters are celebrating a win that could finally bring legitimacy and structure to the digital asset space. Critics, however, are warning that this could open the door to another financial crisis, just with shinier technology.

Wherever you stand, one thing’s for sure: crypto is now a political powerhouse with deep pockets and friends in high places.

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FAQ

What is the GENIUS Act?

The GENIUS Act is a new law that regulates stablecoins in the U.S., requiring issuers to hold full reserves and follow transparency rules.

What does the CLARITY Act do?

It defines how crypto assets are classified and splits oversight between the SEC and CFTC, creating a clearer regulatory framework.

Why did Congress pass a CBDC ban?

The CBDC ban is aimed at stopping the Federal Reserve from ever creating a digital dollar, even though no such project currently exists.

Why is Crypto Week important?

Crypto Week marks the biggest legislative push for crypto in U.S. history, signaling a shift toward industry-friendly regulation.

How do these bills affect everyday investors?

These laws could make crypto trading safer and more regulated, but they also raise concerns about industry influence and future risks.

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