Crypto Week in the USA begins on July 14, featuring significant votes that could reshape the digital asset market.
Stablecoins Under the Scanner: The GENIUS Act
The first major bill on the agenda is the GENIUS Act, aimed at tightening regulations around stablecoins. This bill has already cleared the Senate and is now awaiting a vote in the House. It requires all stablecoins to be fully backed by liquid assets, like US dollars or short-term treasury bills. Companies will also need to publish monthly reserve reports and undergo yearly audits. The bill grants states some power to monitor certain tokens and enforces strong anti-money laundering compliance. However, not all players in the stablecoin space are ready for this change. For instance, Tether currently does not meet the full criteria, although it has hinted at launching a new US-compliant stablecoin. In contrast, companies like PayPal and Ripple are already aligned with the proposed rules.
Who Regulates Crypto? The CLARITY Act
The next bill is the CLARITY Act, which aims to resolve the confusion over who actually regulates crypto – the SEC or the CFTC. This bill suggests that most crypto exchanges should be regulated by the CFTC, not the SEC. It outlines basic rules around disclosures, customer protections, and asset segregation. While the bill has passed several committees, it still faces a full vote in the House and Senate. Some Democrats have raised concerns, especially due to its ties to Donald Trump's crypto interests.
The Fight Against CBDCs
The third bill is the Anti-CBDC Surveillance State Act, which would block the Federal Reserve from creating or testing a central bank digital currency (CBDC). Supporters argue that CBDCs could lead to state surveillance or political misuse. The bill has already cleared the House Financial Services Committee and is now waiting for a full vote.
There is significant momentum behind this legislative push, yet real doubts remain. If these bills pass, the US could finally provide the legal clarity the crypto market has been seeking. If not, business may return to usual.
