What is Crypto Week, and how will top cryptos Bitcoin, Ethereum, and Solana react?

• The House Financial Services Committee dubbed the week of July 14 as Crypto Week, a period to deliberate on key digital asset legislations.
• Lawmakers will deliberate on the CLARITY bill, the CBDC Anti-Surveillance State Act, and the GENIUS bill.
• Progress around the bills could trigger a rise in digital assets like Bitcoin, Ethereum and Solana.

The US House is set to hold a final stage of consideration for key crypto regulatory bills the week of July 14, which could mark a pivotal moment for the industry.

Historic Crypto Week could prove critical digital assets

The crypto market is poised for a wave of volatility in the coming weeks as the US House of Representatives is set to deliberate on three key bills addressing digital asset regulations.

House Financial Services Committee Chairman French Hill and House Agriculture Committee Chairman Glenn 'GT' Thompson, in coordination with House Leadership, have officially declared the week of July 14 as 'Crypto Week,' according to a press release on Thursday.

Crypto Week is expected to spotlight digital asset regulations and advance key legislative efforts in the crypto industry. House lawmakers will consider the GENIUS bill, the CLARITY bill, and the Anti-CBDC Surveillance State Act all in the same week, boosting expectations that crypto regulations will reach President Trump's desk before the August recess.

"We are taking historic steps to ensure the United States remains the world's leader in innovation and I look forward to 'Crypto Week' in the House," wrote Rep French Hill in the press release.

The GENIUS and CLARITY bills are focused on regulating cryptocurrency issuance and establishing a comprehensive regulatory framework for digital assets in the US.

The GENIUS bill specifically targets stablecoins, requiring issuers to hold full reserves backed by the Federal Reserve, as well as comply with anti-money laundering (AML) laws to ensure consumer protection and market stability.

Bernstein previously stated that if passed, the legislation would pave the way for stablecoins to evolve "from the money rail of crypto to the money rail of the internet." The research firm predicted that the stablecoin market could hit a $4 trillion valuation in the next 10 years.

Standard Chartered also maintained a similar position, forecasting that stablecoins could see nearly a tenfold rise to $2 trillion by the end of 2028. However, JPMorgan experts debunked the forecasts, dropping their estimates to $500 billion by 2028.

Meanwhile, the CLARITY bill, also known as the market structure bill, aims to provide clear guidance for the broader cryptocurrency market, encompassing cryptocurrencies, digital commodities, and decentralized finance (DeFi).

The bill also clarifies the regulatory jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over cryptocurrencies.

On the other hand, the Anti-CBDC Surveillance State Act is a bill that aims to restrict the Federal Reserve (Fed) from developing, issuing, or using a Central Bank Digital Currency (CBDC) for monetary purposes.

Progress on each of the proposed bills could spark a surge in top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, BNB, Solana (SOL) and Tron (TRX). Most of these Layer 1 tokens could benefit from the legislation, as they lead in several key metrics across the stablecoin and DeFi sectors.

However, it's important to be cautious of price movements in such times as cryptocurrencies sometimes follow a "buy the rumor, sell the news" pattern, where the market rises in anticipation of a key bullish event and then begins crashing as the event approaches.

By reducing long-standing regulatory uncertainty, the various crypto legislation could pave the way for increased participation from institutional and traditional investors.