On the fourth day of 'Crypto Week', debates continue in the US Congress regarding legislation affecting the regulation of digital assets.
Debates on Cryptocurrency Bills
Lawmakers are discussing bills such as the Clarity Act, GENIUS, and the Anti-CBDC Surveillance State Act. Progress on these bills has been slowed by political gridlock over amendments, including proposals to bar government officials from trading cryptocurrencies.
Conflicts of Interest and Their Impact
Democratic Representative Maxine Waters raised concerns that the bills do not address conflicts of interest involving the President's digital asset dealings. She pointed out that while the bill restricts Congress members and Senators from issuing stablecoins, it does not include the President and Vice President, a key sticking point for Democrats.
Secondary Issues Discussed
These include national security and financial stability issues. Waters highlighted that backing stablecoins with other digital assets could destabilize the financial system and lead to potential bank runs, ultimately burdening taxpayers.
The division of opinions among lawmakers extends beyond cryptocurrency laws to broader issues of financial stability and risk management in the digital asset sector.
