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Ahead of an important week for digital assets legislation, Stand With Crypto (SWC) and over 60 other industry firms sent a letter urging House lawmakers to champion clear regulations for the industry and unlock its potential.

Industry Coalition Pushes For CLARITY Act Approval

On Monday, advocacy group Stand With Crypto, alongside 65 other firms and groups, sent a letter to the US House of Representatives urging lawmakers to support the bipartisan Digital Asset Market Clarity (CLARITY) Act of 2025 as the US approaches a “pivotal crossroad.”

Excerpt from the letter to members of the House of Representatives. Source: SWC

The industry coalition argued that digital assets continue to reshape the global economy, despite some efforts to “politicize crypto legislation,” adding that the US risks falling behind unless pro-crypto policies that fully embrace blockchain technology are quickly adopted.

There are already signs of U.S. crypto leadership slipping. We cannot afford to let inaction and uncertainty jeopardize our ability to secure Americaʼs economic future. Above all else the U.S. crypto industry needs market structure — which ensures there are clear rules of the road and provides the regulatory clarity that developers, users, and advocates need to continue innovating.

The letter explains that digital assets are “providing a foundation for a more inclusive, transparent, and secure digital economy,” and “opening doors for economic opportunity, innovation, and financial empowerment on a scale weʼve never seen before.”

As such, crypto developers require clear guidance and safeguards to continue building blockchain systems, with standards for transparency, security, and accountability, and where users can control their digital assets.

The lack of standardized rules has hindered institutional adoption, innovation, and pushed talent and businesses to more industry-friendly jurisdictions outside the US. Nonetheless, passing the long-awaited market structure bill would address these issues, the crypto coalition argues.

House Lawmakers Prepare For ‘Crypto Week’

Notably, SWC’s letter comes ahead of the highly anticipated “Crypto Week,” which will see the review of three key legislations during the week of July 14 to 18, including the GENIUS Act and CLARITY Act.

As reported by Bitcoinist, House Financial Services Committee Chair French Hill, House Agriculture Committee Chair Glenn Thompson, and Speaker Mike Johnson announced the upcoming discussion on rules on stablecoins, market structure, and central bank digital currency as part of Congress’s efforts to make America the crypto capital of the world.

Chairman Thompson affirmed that “it will soon be time for the House to deliver for the American people and send CLARITY to the Senate. I thank House Leadership for recognizing the urgent need for CLARITY to cement American leadership in the digital asset space.”

The bipartisan bill was introduced on May 29 by Chairman Hill, aiming to establish a regulatory framework for crypto assets and provide the long-awaited clarity and protection for the industry.

If passed, the legislation will assign clear roles and responsibilities to the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC), which would “not only enable and empower developers to innovate, but also protect consumers through choice, foster greater participation in the blockchain economy, and strengthen national security.”

Nearly a month ago, the bill passed its two committee markups, but it still needs to pass the full House vote and the Senate before heading to President Donald Trump’s desk.

 However, its path to approval has been uncertain, as House Democrats have heavily criticized the bill, and some lawmakers have pushed to merge it with the GENIUS Act, making next week’s debate a pivotal moment for the legislation.

Bitcoin (BTC) trades at $108,442 in the one-week chart. Source: BTCUSDT on TradingView

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The U.S. House of Representatives has designated the week starting July 14 as “Crypto Week,” as lawmakers consider three landmark bills: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act, in a comprehensive push to establish the United States as a global leader in digital assets.

Prominent crypto trader and influencer Cas Abbe commented:

“The next few weeks are going to be really bullish for the crypto market.”

What’s on the table during Crypto Week?

Much-needed regulatory clarity for digital assets

During Crypto Week, lawmakers will review the CLARITY Act, a bipartisan bill that aims to end years of regulatory ambiguity by clearly delineating the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in overseeing digital assets.

The Act divides digital assets into three categories: securities, commodities, and stablecoins, assigning the CFTC exclusive jurisdiction over “digital commodities” such as Bitcoin, while the SEC retains authority over securities. It also introduces a dual-track registration system, allowing platforms to register with the agency most relevant to their business, and imposes solid anti-fraud and consumer protection measures.

For years, U.S. crypto entrepreneurs have faced a patchwork of conflicting regulations and uncertainty over whether their tokens are securities or commodities. The CLARITY Act’s clear division of oversight between the SEC and CFTC will provide much-needed certainty, encouraging responsible innovation and reducing the risk of regulatory enforcement actions that have stifled growth.

Supporting stablecoins’ integration into mainstream finance

The GENIUS Act was recently passed in the Senate with bipartisan support, establishing the first comprehensive federal framework for payment stablecoins. It defines who can issue stablecoins, sets capital and reserve requirements, and allows both federal and state regulators to supervise issuers. The Act is designed to foster innovation while ensuring consumer protection and maintaining the U.S. dollar’s dominance in digital finance.

The GENIUS Act’s framework for stablecoins gives legitimacy to dollar-backed digital assets, supporting their integration into mainstream finance. By setting clear rules and consumer protections, the U.S. can attract both institutional and retail users, strengthening the dollar’s role in global digital commerce.

Preserving Americans’ financial privacy and autonomy

An Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly or indirectly to individuals, addressing widespread concerns about government surveillance and financial privacy. By blocking a U.S. CBDC, the Act aims to preserve Americans’ financial autonomy and prevent the potential overreach seen in other countries.

The Anti-CBDC Act addresses a top concern among crypto advocates: the risk of government surveillance via a state-issued digital currency. By banning a retail CBDC, the U.S. would demonstrate its commitment to privacy, individual sovereignty, and free-market principles.

The legislative package under review during Crypto Week is the culmination of years of hearings, bipartisan negotiations, and industry advocacy, and reflects the maturation of the crypto market and the growing recognition of its economic significance.

Scammers posing as Wells Fargo’s fraud representatives reportedly stole thousands of dollars from a Texas couple’s bank account.

Joan Leon, of Kingwood, Texas, says she received a call that looked like it was coming from her local Wells Fargo branch, making her trust the caller, reports Fox26 Houston.

Leon says she was told to cut her bank card in half, and that someone with the Wells Fargo fraud department would come by and pick it up. Leon says she did as directed, only to learn later that the scammer used the card at a nearby Kroger to drain the account of $8,000.

Initially, Leon says Wells Fargo refused to reimburse the stolen funds and that the bank even accused her of being complicit in the theft.

However, the bank later reversed its decision and reimbursed the stolen money.

Her husband, Michael Leon, says the bank reversed its decision only after he told them that “if we don’t get our money back, we are going to make it our goal to get our money back.”

He says that’s why they reached out to the media to discuss the situation and filed a report with the Houston Police Department.

Wells Fargo had not responded to the media’s inquiry about the matter at time of writing.

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