Starting July 14, the U.S. Congress will focus on three key bills related to digital asset regulation. This week promises significant changes in the legal landscape of cryptocurrencies.
Overview of Crypto Week
Crypto Week, declared in Congress, includes discussions on three important bills: CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act. These initiatives aim to simplify and clearly define regulatory roles and responsibilities for digital assets.
CLARITY Act: Splitting Crypto Oversight
The CLARITY Act proposes a clear division of regulatory responsibilities between the SEC and CFTC. It classifies digital assets as securities, commodities, or stablecoins and establishes that each organization will oversee only the category of assets it is best equipped to handle.
GENIUS Act: Stablecoin Oversight
The GENIUS Act, already passed by the Senate, sets forth federal rules for stablecoins. It outlines issuance conditions, capital requirements, and auditing obligations for stablecoin issuers. Under this model, both state and federal regulators will have the capability to monitor these types of assets.
Given the significance of these bills, Crypto Week may serve as a turning point for digital asset legislation in the U.S., providing a solution to long-standing issues in this sector.
