Sen. Cynthia Lummis (R-WY) officially introduced digital asset tax legislation (S. 2207) that would provide a de minimis exclusion for digital asset gains or losses, expand Section 1058 securities lending rules to include digital assets, and revise the 30-day wash sale rule to apply to digital assets, among other provisions. Sen. Lummis explained in a press release that "This groundbreaking legislation is fully paid-for, cuts through the bureaucratic red tape and establishes common-sense rules that reflect how digital technologies function in the real world. We cannot allow our archaic tax policies to stifle American innovation, and my legislation ensures Americans can participate in the digital economy without inadvertent tax violations."

House Republican leadership announced that the week of July 14 will be “Crypto Week,” during which the House will consider the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate-passed GENIUS Act. House Financial Services Committee Chair French Hill (R-AR) said in a press release: "I thank my colleagues in Congress and the Trump Administration for their partnership and leadership and stand ready to work alongside the Senate as they work to advance standalone market structure legislation by the end of September."

Sen. Cynthia Lummis (R-WY) is introducing a broad set of changes to the taxation of digital assets after her effort to include the measures in the One Big Beautiful Bill Act failed. Sen. Lummis said she is treating the bill as a discussion draft, telling Punchbowl News in a statement that she would "welcome public comments." Lummis added that the package is paid-for and would net $600 million in revenue over 10 years.

House Agriculture Committee Chair GT Thompson (R-PA) said the House is expected to vote on bills to create a regulatory framework for stablecoins, ban CBDCs, and establish a market structure framework during the week of July 14. It remains unclear if the House will bring the GENIUS Act to the floor or attempt to reconcile it with similar House legislation. Additionally, some Republicans are advocating for packaging the stablecoin bill, in whatever form it takes, with market structure legislation to ensure it is not left by the wayside.

Rep. Jake Auchincloss (D-MA) expressed opposition to the Deploying American Blockchains Act of 2025 (H.R. 1664) in a post on X. He argued that he previously supported the legislation but asserted that Commerce Secretary Howard Lutnick will use the bill to promote his own blockchain interests. The bill, which was passed by the House last week, directs the Commerce secretary to advise the president on policy pertaining to the deployment and use of blockchain and other distributed ledger technology. Auchincloss also raised concerns with Lutnick's ties to Tether.

Sen. Cynthia Lummis (R-WY) criticized “unfair tax treatment” toward crypto miners and stakers in a post on X, arguing that they must stop being taxed twice in order to make the US the world leader in crypto. She explained that miners and stakers are taxed once when they receive block awards, and again when they sell it. She added in another post that she is working on an amendment to the One Big Beautiful Bill Act (OBBBA) to “ensure Americans can use digital assets without fear of tax violations.”

Sen. Jeff Merkley (D-OR) proposed an amendment to the One Big Beautiful Bill Act (OBBBA) to prevent federal elected officials from issuing a digital asset. The amendment failed in a party-line vote of 47-53. Merkley voiced frustration with the vote in a post on X, arguing Republicans are "more interested in protecting the Trump family crypto scam than doing right by the American people."

Senate Banking Committee Chair Tim Scott (R-SC) and Sen. Cynthia Lummis (R-WY) held a fireside chat with Bo Hines, Executive Director of the President’s Council of Advisors on Digital Assets, to discuss digital asset market structure legislation. The lawmakers set a September 30 deadline for getting market structure legislation to President Trump’s desk. They also discussed efforts to collaborate with the House to reconcile both stablecoin and market structure proposals. Hines called on the House to honor President Trump's request to get the GENIUS Act to his desk as quickly as possible.

House Oversight and Government Reform Committee Chair James Comer (R-KY) wrote a letter to Acting Comptroller of the Currency Rodney Hood, questioning how banks may have blacklisted Americans during the Biden Administration for political views or working with certain industries, such as crypto and blockchain. Comer asked Hood for all documents and communications between the OCC and financial institutions related to crypto or crypto-related business permissibility from January 2021 to present.