U.S Congress Kicks off Crypto Bill Talks as Some Claim it Favours Republicans and Big Crypto

The U.S. Congress has begun discussing the new crypto bills, with critics claiming they benefit Republicans and big crypto firms.

U.S Congress Clash Over Crypto Bill

U.S. Congress kicked off what’s being dubbed “crypto week” with a heated debate over a set of Republican backed crypto bills. 

At a House Committee on Rules session,  Representative Jim McGovern of Massachusetts strongly criticized Republican lawmakers for supporting legislation that he says favors major crypto players and weakens investor protections.

The bills in question include the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. McGovern labeled them as “crypto giveaways” designed to benefit the wealthy, including individuals linked to former President Donald Trump.

This isn’t about innovation; it’s about corruption,” he said, warning that the proposals would make it easier for bad actors in crypto to exploit the system.

Meanwhile, Republican Representative Virginia Foxx defended the legislation, saying it would encourage responsible innovation and strengthen the U.S. financial position globally.

The debate sharply turned when lawmakers began discussing defense spending, highlighting deeper political disagreements beyond crypto.

Crypto Bill Push Faces Resistance Over Trump Ties

Republicans are pushing to pass three major crypto bills before the congressional August recess, but they’re facing growing resistance from Democrats. With only a slim majority in the House, Republican leaders may need help from the other party to pass the legislation.

Several Democrats, including Representative Maxine Waters and Senator Adam Schiff, have raised concerns about potential conflicts of interest involving former President Donald Trump. 

They pointed to his family-backed crypto company World Liberty Financial, its stablecoin USD1, and his memecoin Official Trump (TRUMP) as reasons for caution.

Although the House committee debate is now temporarily on the Department of Defense Appropriations Act, lawmakers will return to the crypto legislation soon. The Republican effort to quickly pass the bills has raised concerns about fairness and honesty.