WEEK OF JUNE 23. 2025 

Crypto on the Clock 

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State of Play: 

  • The US bombed three Iranian nuclear sites over the weekend. 

  • The House and Senate are in session this week. 

Driving the News: 

  • Senators are working with the Senate Parliamentarian Elizabeth MacDonough to parse through provisions of the “One Big, Beautiful Bill” on whether they meet the Byrd Rule. MacDonough ruled on Sunday that the state AI moratorium could be included in the package. 

  • Other provisions, including defunding the CFPB and limiting judges nationwide injunction rights, did not pass the Byrd Rule. Senate Majority Leader Thune is facing an uphill battle to meet his deadline to begin floor debate by midweek, and even greater hurdles to meet the July 4 deadline.

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Three Things to Watch in Tech:

1. Crypto on the Clock: The Senate last week passed landmark stablecoin legislation that garnered strong bipartisan support. However, tensions are growing between the House and Senate on how to proceed on the GENIUS Act. 

  • President Trump has issued support for the House to swiftly pass the GENIUS Act, but House Republicans have signaled they are keen to revise the Senate-passed version or bundle it with the House Financial Services Committee bill to provide market structure for digital assets, the CLARITY Act.  

  • These developments risk not only legislative delays, but also could create intraparty divisions. There is mounting pressure from Senate Republicans and the Trump Administration to secure digital asset wins by the July 4th recess. 

  • The Senate is also looking to move legislation to create crypto market structure legislation, and the Senate Banking Digital Assets Subcommittee will hold a hearing on a separate bill Tuesday. 

2. China Select Committee Doubles Down on AI Competition: The House Select Committee on China will hold a hearing Wednesday to discuss US-China competition concerns on AI, and gain better insight into where the US stands in the broader landscape on AI leadership. 

  • The hearing will explore how the US can outpace foreign adversaries. The Committee has been active in addressing US AI readiness, and recently introduced bipartisan legislation, the Advanced AI Security Readiness Act, which calls for empowering the NSA to protect advanced AI technologies, conducting cybersecurity risk assessments, and preventing espionage to secure US leadership in AI.

  • Witnesses include industry representatives from AI developers including Anthropic, as well as other trade associations including the AI Network and the Center for Strategic and Budgetary Assessments. 

3. Senate Commerce to Markup Children’s Online Safety Bill: The Senate Commerce Committee will markup the Children and Teens Online Privacy Protection Act, again. 

  • The bill, better known as COPPA 2.0, made progress last congress, and bill sponsor Senator Ed Markey (D-MA) is headstrong to move it across the finish line. 

  • The bill would build on the current Children Online Privacy Protection Act by banning targeted advertising to children and teens and prohibiting internet companies from collecting personal information on users from 13 to 16 without consent. 

  • The inclusion of COPPA 2.0 indicates the Committee’s appetite to move on children’s online safety issues, but it remains to be seen if and when they will act on other pivotal legislation including the Kids Online Safety Act (KOSA) led by Sen. Marsha Blackburn (R-TN).

What's Happening This WeekTech Hearings

  • The House Oversight and Government Reform Cybersecurity, Information Technology, and Government Innovation Subcommittee will hold a hearing on “Preparing for the Quantum Age: When Cryptography Breaks” - Tuesday, June 24 at 2:00 PM EST

  • The Senate Judiciary Committee Competition Policy, Antitrust, and Consumer Rights Subcommittee will hold a hearing “To examine deregulation and competition, focusing on regulatory burdens to unlocking innovation and spur new entry” - Tuesday, June 24 at 2:30 PM EST

  • The Senate Banking, Housing, and Urban Affairs Digital Assets Subcommittee will hold a hearing “To examine exploring bipartisan legislative frameworks for digital asset market structure” - Tuesday, June 24 at 3:00 PM EST

  • The House Ways and Means Health Subcommittee will hold a hearing on “Health at Your Fingertips: Harnessing the Power of Digital Health Data” - Wednesday, June 25 at 9:00 AM EST

  • The House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party will hold a hearing on “Algorithms and Authoritarians: Why U.S. AI Must Lead” - Wednesday, June 25 at 9:00 AM EST

  • The Senate Commerce Committee will hold a markup, including S. 836, Children and Teens’ Online Privacy Protection Act (Markey) - Wednesday, June 25 at 10:00 AM EST 

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