Move, big and beautiful invoice: Crypto Week is coming

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It was a busy holiday weekend in the US.

The headline news was that President Trump signed a domestic policy package (the “big beautiful bill”) on July 4th to lead to law.

With the BBB squared, the White House is back in tariff mode. Mutual tariffs in dozens of countries are scheduled for Wednesday to return to a higher level set by the so-called release date.

This morning in two true social posts, Trump shared a letter that was probably sent to Japan’s prime minister and South Korean President Lee Jae-myeon. They said the US will impose a comprehensive 25% tariff on all imports from both countries starting on August 1.

Passing the BBB was the first Trump-imposed deadline for Republican lawmakers, but there is another looming date. The president hopes for a bill for the stubcoin and market structure on his desk by August.

They only have another three weeks of work before Congress’ summer break begins, and they have to work quickly.

To accomplish this, the US home declared the week of July 14th last Thursday as “crypto week.” Representatives will consider three digital asset-centric bills. Genius Act, Clarity Act, and Anti-CBDC Surveillance Act.

The Genius Act was passed in the Senate last month with a final tally of 68-30. There were 18 Democrats who voted “Yes.”

Supporters have been hailed as a milestone in the crypto industry, and as an important first step towards bringing regulations to the market side, opposing the Genius Act claims that the bill does not provide sufficient consumer protection and unfairly benefits stable Trump-related benefits. Senator Elizabeth Warren is just one of several voiced Democrats criticizing the bill.

Other Dems admit that the bill may not be perfect, but that’s better than nothing.

“We certainly couldn’t include everything we wanted, but it was a good bipartisan effort,” Sen. Angela, a Democrat, told reporters before the Senate vote. “This is an unregulated area and is currently regulated.”

Now, House members are looking at the bill and intend to make changes. Representatives are likely to try to further match the bill in line with stable legislation.

The Genius Act calls for a step-by-step approach to overseeing Stablecoin publishers, particularly, allowing people with less than $10 billion in issuing assets to be monitored at the state level. Stable laws establish that key authorities for stable regulations are at the federal level, and state power is more conditional.