Both the House and Senate are in session this week.
The House will consider a tranche of pro-crypto legislation on the floor this week, including a Senate-passed bill (S. 1582) that would establish rules for stablecoins, a bill (H.R. 3633) that would establish rules for a broader range of cryptocurrencies and permit certain tokens and platforms to avoid regulation by the Securities and Exchange Commission, and a measure (H.R. 1919) that would bar the Federal Reserve from testing or issuing a central bank digital currency. Some Democrats have expressed concerns that the bills do not adequately protect against crypto fraud nor create sufficient guardrails against the Trump family’s involvement in the industry. The House will also begin consideration of the annual defense appropriations bill in committee, one of the must-pass bills remaining this calendar year.
The Senate will continue consideration of a House-approved $9.4 billion recissions package that would claw back funding for foreign aid, including international HIV and AIDS treatment, and public broadcasting services. Numerous Senate Republicans have expressed concerns over the funding cuts, and Majority Leader John Thune (R-SD) is expected to allow changes to the House-passed package and bring it up for a vote, which will trigger a vote-a-rama this week in the Senate. Congress must pass the time-limited bill by Friday, July 18. Otherwise, 45 consecutive days of session will have passed, and the funds must be released as originally directed by Congress.
Both chambers will also work on fiscal year 2026 appropriations bills, which were delayed significantly due to the reconciliation package. Though appropriations hearings are being held, House and Senate negotiators have yet to agree to top-line funding numbers, increasing the likelihood that a continuing resolution will be required before September 30. Should Congress enact the aforementioned recissions package, it could further complicate appropriations negotiations and increase the likelihood of a shutdown.
The upper chamber will also continue debate on the nominations of Whitney Hermandorfer for the Sixth Circuit Court of Appeals, Luke Pettit to be assistant secretary of the Treasury, Anthony Tata to be undersecretary of Defense for personnel and readiness, and Joseph Edlow to be director of U.S. Citizenship and Immigration Services.
Separately, President Trump will meet with NATO Secretary General Mark Rutte on Monday to discuss imposing severe sanctions on Russia due to the ongoing war in Ukraine.
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