Crypto Week in the Houseeeee
Image: Financial Times
Congress is on the verge of remaking the US financial system to embrace crypto, with a series of bills set for approval after House Republicans declared the next five days “Crypto Week.”
The agenda consists of three measures:
- Stablecoins: The Senate-approved GENIUS Act would establish rules for who could issue stablecoins—a form of crypto that’s tied to assets such as the US dollar, and allows for quick payment processing.
- Market structure: This measure would create a framework for regulating crypto by establishing it as a new category of registered digital assets. Crypto businesses would also be able to obtain new types of banking licenses.
- No Fed-backed digital currency: The third bill aims to prevent the Federal Reserve from ever creating a digital version of official US currency, which Republicans say would be unnecessary government intrusion.
These could fundamentally change how many Americans make payments and invest their money
New stablecoin legislation would help spur major retailers like Walmart and Amazon to start issuing their own stablecoins, and accepting them as payment.
- If widely adopted by customers, stablecoins could potentially save corporations billions of dollars in swipe fees they pay every year to credit card companies, banks, and fintech startups like Square.
- Businesses shelled out $172+ billion in US transaction fees in 2023, a ~50% increase from before the pandemic.
The market structure legislation is expected to similarly spur major finance companies to embrace crypto, and crypto companies to make a push into financial services. Analysts also expect more crypto-related products to enter the mainstream market through brokerage accounts, allowing more retail investors to access trading tools.
The other side of the coin…Several prominent Democrats have voiced opposition to the House GOP’s crypto push. At the center of many lawmakers’ resistance is President Trump and his family's considerable personal investments in crypto—which they argue raises major questions of corruption—as well as the House legislation’s lack of consumer protections and national security safeguards.
Zoom out: The price of bitcoin, the world’s leading cryptocurrency, hit a record high of $118,000+ late last week.
📊 Flash poll: In general, how do you feel about GOP lawmakers’ push to approve a series of new crypto-related bills in Congress?
See a 360° view of what pundits are saying →
Sprinkles from the Left
- Some commentators argue that advocates hoping the public will soon use stablecoins and other crypto assets in daily life have a major problem: Most Americans have no idea what stablecoins even are, presenting a huge barrier to mass adoption.
- Others contend that crypto enthusiasts should heed the lessons of three years ago, when banks catering to crypto failed after prices tumbled and a raft of companies went bankrupt—and regulators promised reforms to make the industry more resilient, which have yet to materialize.
- “The case for mainstreaming stablecoins” –Molly Roberts, WaPo
- “Crypto Renaissance Means It’s Time to Protect Banks” –Bloomberg Editorial Board
- “The Genius Act Will Bring Economic Chaos” –Dr. Barry Eichengreen, NY Times
Sprinkles from the Right
- Some commentators argue that stablecoins should be widely adopted, as the GOP’s regulation helps do, since they reduce friction in payments and money transfers, reduce risk from exchange-rate volatility for foreign counterparties, and also have lower transaction fees.
- Others contend that crypto used to be a niche, boutique interest—but President Trump and Congress’ recent actions have shown that’s no longer the case, and the industry now has the potential to reshape not only markets, but the very way we think about value and money.
- “A Senate Stablecoin Breakthrough” –WSJ Editorial Board
- “Crypto isn’t going the way of the tulip bulbs” –Paul Mullen, Washington Times
- “A Crucial Moment for Crypto Legislation” –Former Sen. Pat Toomey (R-PA)
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