In mid-July, the US Congress will hold 'Crypto Week' to consider three key bills aimed at shaping the regulatory framework for cryptocurrency.
Overview of Legislative Initiatives
From July 14 to 18, lawmakers will review a market structure bill known as the CLARITY Act, a stablecoin regulation bill called the GENIUS Act, and legislation opposing central bank digital currencies (CBDCs) titled the Anti-CBDC Surveillance State Act.
Speaker of the House Mike Johnson stated, 'House Republicans are taking decisive steps to deliver the full scope of President Trump's digital assets and cryptocurrency agenda.'
Comparison of GENIUS Act and STABLE Act
The GENIUS Act appears to be gaining priority in the House despite earlier support for its own bill, the STABLE Act. The House Financial Services Committee passed the STABLE Act in May, but the full House has yet to vote on it.
In contrast, the GENIUS Act passed the Senate with bipartisan support last month.
Legal experts have cautioned that the House may revise critical sections of the GENIUS Act, which would necessitate a second Senate vote.
CBDC Ban Bill
The final bill to be considered during Crypto Week is the Anti-CBDC Surveillance State Act. This bill would ban the Federal Reserve from developing or issuing any form of digital currency and prevent it from offering direct-to-consumer financial services.
Democrats have voiced concerns regarding the Republican-led bills due to former President Trump's growing ties with the crypto industry.
The upcoming 'Crypto Week' in the US Congress highlights the importance of legislative regulation in the cryptocurrency space and the need for consensus on different approaches to legislation.
