The US Congress has approved three major pieces of legislation regarding cryptocurrency regulation, marking a significant event for the industry.
Congress Passes Major Bills
Recently, the US Congress passed three key bills related to cryptocurrency — the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act. These bills came after long discussions and lobbying from various sides and are now awaiting President Donald Trump's approval.
Details of the GENIUS and CLARITY Acts
The GENIUS Act sets rules for stablecoins and received support from over 100 Democrats, including Minority Leader Hakeem Jeffries. On the other hand, the CLARITY Act, supported by 78 Democrats, outlines how crypto companies should register and follow financial regulations.
Reactions to New Laws and Potential Consequences
Some lawmakers, such as Maxine Waters, expressed concern that the new laws could lead to financial instability. Criticism also came from Elizabeth Warren, who noted that the laws do not adequately protect consumers and could pose risks to the economy.
The passage of these bills reflects the government's intent for clearer regulation in the cryptocurrency sphere, yet significant concerns arise from some lawmakers.
