Trump Backs “Crypto Week” to Cement US as Digital Asset Leader

Trump Backs Crypto Week to Cement US as Digital Asset Leader
An image showing blockchain technology

US Congress Advances Landmark Crypto Legislation with Presidential Backing During Crypto Week

Washington D.C., July 16, 2025 – The U.S. House of Representatives is in the midst of “Crypto Week,” a concerted effort to push forward key digital asset legislation aimed at solidifying the nation’s position as the world’s cryptocurrency capital. This initiative has received significant support from President Donald Trump, who has actively intervened to clear legislative hurdles.

On Wednesday, the House Ways and Means Oversight Subcommittee continued its hearings, delving into the critical aspects of tax policy for digital assets. “There are very few additional rules for digital assets, which leads to confusion for many stakeholders when faced with complex tax issues. This is exactly what we are focusing on,” stated David Schweikert, chairman of the oversight panel, underscoring the need for clarity in this evolving sector.

Lawmakers are prioritizing three pivotal pieces of legislation this “Crypto Week”:

  • The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act): This bill provides a comprehensive regulatory framework for stablecoins pegged to the US dollar, mandating full reserve backing, monthly audits, and anti-money laundering compliance. Having already passed the Senate in June, its smooth passage in the House could see it sent to President Trump for signature as early as this week.
  • The Clarity Act: This legislation seeks to resolve the long-standing jurisdictional debate by clearly defining whether the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) will regulate various cryptocurrencies.
  • The Anti-CBDC Act (Anti-Central Bank Digital Currency): This bill aims to prohibit the Federal Reserve from issuing a central bank digital currency, reflecting concerns about potential government overreach and privacy implications.
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Despite strong support, these crypto regulation bills, backed by President Trump, initially faced a setback on Tuesday when they failed a key procedural vote in the House, with 13 conservative Republicans voting against them. However, President Trump’s direct intervention has injected new momentum. Later that day, he announced a meeting in the Oval Office with key members of Congress, stating, “After a brief discussion, they all agreed to vote for the rule tomorrow morning.”

President Trump has been a vocal proponent of advancing cryptocurrency legislation, emphasizing the need for the U.S. to lead in this space. On Truth Social, he urged Republicans to vote in favor, asserting that “The GENIUS Act will put our great country far ahead of China, Europe and all other countries that have been trying to catch up but simply cannot do it. Digital assets represent the future and we are far ahead!”

Truth Social Trums Social handle
Truth Social – Trump’s Social handle

Having launched his own cryptocurrency, Emoji Coin, earlier this year, Trump has increasingly embraced digital assets, calling them a “very powerful industry” where the United States should “dominate.” His administration’s concerted effort during “Crypto Week” signifies a significant push to establish a clear regulatory environment and cement the U.S. as the global hub for cryptocurrency innovation.

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