Congress opens crypto bill debate with claims of ‘GOP giveaway’ to industry
Discussions in the House Committee on Rules opened with crypto bills, but quickly shifted to the Department of Defense Appropriations Act.
The US Congress kicked off what’s been labeled as “crypto week” on Capitol Hill, with Republicans pushing digital asset legislation and Democrats framing the effort as a cover for crypto “corruption.” But instead of focusing on crypto, opening arguments quickly shifted to defense spending.
In a Monday meeting of the US House Committee on Rules, Massachusetts Representative Jim McGovern used his opening statement to excoriate Republican lawmakers and President Donald Trump for their attempts to push through three crypto bills: the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS), the Digital Asset Market Clarity Act (CLARITY), and the Anti-CBDC Surveillance State Act.
McGovern referred to the bills as the “GOP’s crypto giveaway,” criticizing the legislation for offering “weak and ineffective” regulatory solutions at the expense of investors.
