Congress Focuses on Crypto and Dodd Frank This Week
July 15, 2025
Now that the One Big Beautiful Bill is signed into law, Congress will pivot to government funding issues ahead of the September 30 deadline and several bipartisan policy priorities.
Why it matters: The reconciliation process relied solely on GOP votes in both chambers to pass, but now leadership will have to work with Democrats on funding the government and other priorities.
The big picture: Here is a look ahead on the issues this week:
- The House has coined this week as “Crypto Week” as they consider landmark pieces of crypto legislation. Additionally, the House will consider the Defense Appropriations bill on the floor and the National Defense Authorization Act (NDAA) will move through committee markup.
- On the Senate side, Senators will continue to work through nominations as Majority Leader John Thune (R-SD) looks to push as many through as possible before the August recess. The Senate will move to consider the Rescissions package beginning on Tuesday, which will reduce previously enacted spending.
- In addition to cryptocurrency policy, the House Financial Services Committee will hold several hearings, including a review of Dodd-Frank outcomes.
July 15
July 16
July 17
Go Deeper: The Senate will largely continue its focus on nominations, while the House moves through appropriation bills. The Senate’s rescission process requires only a simple majority vote, which will likely hinge on support from key moderate GOP senators.
- Senate Confirms Gould as OCC Chief. The Senate voted 50-45 on Thursday to confirm Jonathan Gould’s nomination to serve as the Comptroller of the Currency. Senator Cynthia Lummis (R-WY) voted against a previous procedural motion on his nomination, but voted “yes” on a final confirmation. Lummis spokesperson Katie Warbinton said in a statement that Senator Lummis “needs to have further conversations with the nominee about the GENIUS Act and Federal preemption of state banking laws.”
- Crypto Week: The House is expected to pass the GENIUS ACT, the bipartisan stablecoin bill, and send it to the President’s desk, marking the first time Congress has passed major financial regulations on crypto. In addition, the House will vote on a broader bill that addresses a market structure proposal that targets regulations for securities and commodities regarding crypto rules.
- Appropriations: This week, the House will consider the Defense Appropriations Act on the floor. The House Appropriations Committee will markup the following packages - Transportation, Housing and Urban Development bill; Energy and Water Development; Interior, National Security, Department of State; and Commerce, Justice and Science. The Senate Appropriations Committee will markup the Military Construction and Veterans Affairs package.
- Rescissions: Congress faces a deadline this Friday to pass the White House’s $9 billion rescission package. The Senate is expected to vote to proceed on the package on Tuesday and then begin debate and a vote-a-rama most likely on Wednesday. Senator Susan Collins (R-ME) and others have continued to express concerns about the House-passed package and will most likely make amendments, meaning the House will have to repass the Senate version before the Friday deadline.
Contact
David McCarthy (
dmccarthy@crefc.org) with questions.