Congress Kicks Off Crypto Debate with GOP’s ‘Generous Gift’ to Crypto Millionaires

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Well, it’s finally here. The US Congress is officially calling this week “Crypto Week” on Capitol Hill. Because nothing says “fun” like digital assets, debates about the future of money, and a bunch of politicians who *definitely* understand what a blockchain is, right? Anyway, the Republicans are out here pushing their crypto bills like it’s their job (which, technically, it is), while the Democrats are waving their hands, shouting, “This is just a cover for crypto corruption!” But *surprise*, opening arguments quickly shifted to… drumroll… defense spending. Because why not?

In a thrilling Monday meeting of the US House Committee on Rules, Massachusetts Representative Jim McGovern didn’t hold back. He used his opening statement to lay into Republicans and President Trump for attempting to ram through three bills: the *Guiding and Establishing National Innovation for US Stablecoins Act* (GENIUS—*yes, really*), the *Digital Asset Market Clarity Act* (CLARITY—*because who doesn’t want clarity in crypto?!*), and the *Anti-CBDC Surveillance State Act* (because we all need less surveillance… unless it’s *surveillance* of Trump’s personal crypto empire).

McGovern couldn’t help but call these bills the “GOP’s crypto giveaway,” with the *stunning* critique that they offer “weak and ineffective” regulatory solutions while basically giving a blank check to crypto millionaires. Oh, and he was quick to add, “I haven’t had one person come up to me and say, ‘please, please, Jim, make it easier for crypto millionaires to get richer!’” Which, yeah, that sounds about right. 😂

“This isn’t about innovation — it’s about corruption. These bills even carve out special treatment for Trump’s personal crypto ventures.”

Crypto Legislation Debate

Then we had North Carolina Representative Virginia Foxx, chair of the committee, who kicked things off with a *carefully crafted* speech about how amazing the GENIUS Act is. According to Foxx, this bill is “historic,” will “propel responsible innovation,” and will ensure the US stays at the top of the global financial system. Wow. So we’re going from “responsible innovation” to “making sure we have a monopoly on the *next* Bitcoin, right? Cool, cool.

Crypto Bills May Need Bipartisan Support (But Don’t Hold Your Breath)

And, of course, things got *interesting* as the conversation shifted. Many Democrats in Congress (who, shocker, don’t have *much* love for these crypto bills) are pushing back, citing the president’s possible conflicts of interest—because his family is heavily invested in his crypto company, World Liberty Financial, which runs a stablecoin called USD1 and a memecoin called *Official Trump* (yes, you read that right). You just can’t make this stuff up. 🤯

At the time of publication, the debate had shifted to the Department of Defense Appropriations Act (because, naturally, everything loops back to defense funding), but don’t worry, crypto’s time will come. Republicans are hoping to pass all three bills before the August congressional recess, so they’ve got… less than two weeks. So, no pressure, guys! 🤞

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2025-07-15 01:02