The US Congress is preparing for significant votes on legislation that may change the rules of the game for cryptocurrency, providing or limiting opportunities for businesses and investors.
Voting Plan for Cryptocurrency Legislation
According to Eleanor Terrett, host of Crypto in America, House Majority Leader Steve Scalise has scheduled a critical vote on July 15. This procedural vote aims to advance three major pieces of cryptocurrency legislation to the House floor, with final votes potentially taking place as early as July 16 or 17.
Key Aspects of the CLARITY Act
The primary objective of the CLARITY Act is to create a clear framework for the classification and regulation of digital assets. This bill proposes to establish clear definitions for various types of digital assets and determine which regulatory bodies will have jurisdiction over them. If passed, this law could lead to new investments and wider adoption of cryptocurrencies.
Stablecoin Regulation and CBDC Opposition
The GENIUS Act proposes a comprehensive framework for stablecoin regulation, including reserve and transparency requirements. The opposition to CBDCs is also contentious; the Anti-CBDC Surveillance State Act seeks to prohibit the creation of a US central bank digital currency, emphasizing the importance of financial privacy and decentralized finance.
The votes on these bills are crucial for the future of the crypto industry in the US. The outcomes may influence the regulation and development of digital assets, which could, in turn, affect the global financial system.
