House Republicans return Monday with a single mission—show that Congress will direct the race to make the US “the crypto capital of the world.”
The Senate already passed the bipartisan GENIUS Act, a narrow bill that writes rules for US-dollar stablecoins. President Donald Trump indicated that he wants that text “clean” and on his desk “lightning fast.”
House GOP leaders plan to vote on the GENIUS Act anyway—then pivot to a far bigger prize. Financial Services Chair Rep. French Hill has queued a sweeping “market structure” overhaul that redraws how the SEC and CFTC split jurisdiction over crypto trading. Hill is still trimming language to win centrist Democrats, but floor action is set for next week.
Democrats once open to Hill’s framework are suddenly cautious. Rep. Jim Himes says many will back the bill only if it “prohibits the president from being an issuer.” The Trump family’s heavy exposure to digital assets looms over every hallway negotiation.
Presidential son Donald Trump Jr. has been blunt about that exposure. Banks “wouldn’t take your call,” he told in an earlier interview, forcing his father to “go all-in on crypto.”
Deutsche Bank and Capital One indeed severed ties with Trump after January 6, 2021. The Trumps then minted $TRUMP on Solana, selling 200 million tokens and leaving four times that amount on their own balance sheet.
Trump’s reelection and renewed crypto push created more friction. His executive order on a “Crypto Strategic Reserve” listed Bitcoin, Ethereum, Solana, XRP, and Cardano—the same top holdings in Bitwise Asset Management’s index fund. David Sacks, Trump’s “Crypto Czar” and an early Bitwise investor, insists he has fully divested but critics still see a pattern of high-profile policy moves that track the portfolio of insiders.
Traders appear to agree. The Kobeissi Letter flagged a $200 million, 50-times-leveraged long position in Bitcoin and Ethereum just one day before the reserve announcement. Prices spiked, curing what should have been a near-instant margin call.
Nevertheless, the House is betting that “crypto week” this week will prove America still dictates digital asset policy and is adamant to make US the capital of crypto world.
Information for this briefing was found via Politico and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
