U.S. lawmakers designated the week of July 14 as "Crypto Week," advancing landmark bills that would establish clearer rules for digital assets, position the country as a crypto hub and restrict a central bank digital currency.

The centerpiece is the CLARITY Act, a market-structure measure that would classify Bitcoin and Ethereum as commodities overseen by the Commodity Futures Trading Commission, while treating investment contracts as securities under the Securities and Exchange Commission. A revised draft is expected within days, with a Senate field hearing in New York anticipated around July 17.

Alongside it, the GENIUS Act would create a framework for dollar-backed stablecoins, with the Federal Reserve preparing related regulations as soon as July 18. Stablecoins have become central to crypto liquidity and global payments, and the legislation aims to formalize their reserve and oversight standards.

Republicans have paired the effort with the Anti-CBDC Surveillance State Act, reflecting opposition to a government-issued digital dollar. The package reflects a bid to reduce regulatory uncertainty that industry argues has driven innovation offshore.

Passage is far from assured. The measures face divided opinion even within Congress, and a narrow calendar before the August recess compresses the window for action. Lobbying from banks, crypto firms and consumer groups has intensified.

Whatever the outcome, the week signals that digital-asset regulation has moved from the periphery to a central item on the legislative agenda, with implications for markets, payments and the reach of the state.

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