Preview: Crypto Week at the House

What happened

The U.S. House of Representatives has declared the week of 14-18 July 2025 as “Crypto Week”, setting the stage for floor votes on three of the most consequential digital asset bills ever introduced in Congress. These bills cover stablecoins, crypto market structure, and the future of a U.S. central bank digital currency (CBDC).

If passed, they will shape how blockchain-based finance evolves, not only in the U.S. but globally. After months of Senate activity and market anticipation, all eyes now turn to the House.

Impact on our Investment Case

The House is set to vote on three key pieces of legislation.

Each bill serves a different function. But together, they send a unified signal: the U.S. is stepping off the sidelines and into the regulatory arena of crypto finance.

GENIUS Act: Stablecoins’ breakthrough

The GENIUS Act aims to create a federal framework for payment stablecoins, finally providing clarity for issuers like Circle Internet Group. The bill passed the Senate in June with broad bipartisan support and is now poised for a final House vote. If adopted without changes, it could be signed into law within days.

The act defines who can issue stablecoins, with an important distinction: banks, unlike other financial institutions, may be allowed to pay interest on tokenized deposits, potentially reshaping issuance dynamics. It also imposes prudential safeguards (100% reserve backing, liquidity standards, and monthly attestations). Most importantly, it legitimizes dollar-backed tokens as a core component of the U.S. payments infrastructure.

We’ve long argued that stablecoins are a “killer app” of blockchain. They will transform the way Americans pay, starting with cross-border transfers. Moreover, stablecoins also serve a political agenda. They will maintain USD supremacy. With most reserves parked in short-dated Treasuries, these tokens also help finance the U.S. deficit.

But how does the U.S. stack up globally? While the U.S. path is purely private-sector and anti-CBDC, other regions are embracing a coexistence of different payment rails for several types of digital currency.

• In Europe, MiCA is already in force, imposing daily transaction caps and, transparency and disclosure rules that challenge coins like USDT. However, innovation with stablecoins is not encouraged much, as the central bank is working on its own digital euro.
• In Hong Kong, stablecoin licenses will be granted from 1 August, with strict eligibility criteria and integration into both retail e-HKD and cross-border CBDC systems (mBridge).

It is still too early to determine which model will prevail. Much depends on user adoption and whether consumers and businesses opt for stablecoins, CBDCs, or both. For mass adoption, the payment experience will need to be seamless, intuitive, and as simple as using a card. Interoperability between blockchain protocols will also be crucial. Over time, we expect many users to favor private-sector payment solutions over CBDCs, especially in democratic markets where privacy concerns weigh heavily.

CLARITY Act: A long road toward market structure reform

The CLARITY Act attempts to resolve the long-standing jurisdictional fight between the SEC and the CFTC by creating a unified taxonomy: digital commodities, digital securities, and stablecoins. It also offers a dual registration system for exchanges and mandates consumer protections such as disclosure, custody rules, and fraud prevention.

The bill enjoys bipartisan support in the House and is expected to pass. However, the Senate remains the key obstacle. A similar bill (FIT21) passed the House in 2024 but failed to gain Senate traction. Still, Senate leaders have committed to finalizing a market structure bill by September 2025, with the CLARITY Act serving as a potential template.

The CLARITY Act could eventually provide the legal footing needed by blockchain companies operating in legal limbo to scale up operations, particularly those offering tokens and DeFi services.

Anti-CBDC Act: A political signal against state-issued money

The Anti-CBDC Surveillance State Act seeks to prohibit the Federal Reserve from issuing or testing any form of digital dollar, retail or wholesale. The bill is designed to codify into law an executive order already issued by President Trump, which bans federal agencies from pursuing CBDC development. By enshrining this stance legislatively, the Act would prevent future administrations from reversing the policy through a simple counter–executive order. 

Framed as a privacy protection measure, the bill reflects growing concerns over state control in the payments infrastructure. For investors, the bill underscores a uniquely American posture: CBDCs are off the table, and the private sector will lead digital dollar innovation. This reinforces our view that stablecoins are not only here to stay: they are central to U.S. payment strategy.

Although it’s expected to pass the House, the bill faces long odds in the Senate, where it hasn’t moved beyond committee and lacks bipartisan traction. Even pro-crypto Senators have stayed largely silent on the issue.

Our Takeaway

Stablecoins continue to emerge as the most mature, scalable, and monetizable application of blockchain. They challenge traditional payment networks, open new rails for trade settlement, and, in the U.S. case, offer an indirect tool for debt financing via Treasury-backed reserves.

Each time a bill passes, the space moves one step closer to institutional legitimacy. Much like biotech firms passing clinical trial phases, regulatory milestones lead to valuation reratings.

We’re often asked: “With so much news already priced in, is it too late to invest?” The answer is no. If anything, this is still early innings. This week may bring clarity on stablecoins, but other themes (DeFi, tokenized securities, AI x crypto convergence) will follow. This is not the last crypto week, especially with the most pro-crypto Congress in U.S. history.

But this isn’t a global monolith. While the U.S. aims to scale private USD tokens with minimal central oversight, Europe’s caps and Hong Kong’s licensing create vastly different market opportunities. Investors must understand these regional differences to identify winners by jurisdiction. A global, actively managed equity strategy in blockchain stocks is essential.

We remain confident that blockchain equities are one of the most attractive sub-industries within global equities, with regulatory clarity now adding momentum to innovation.