During 'Crypto Week', the US Congress is set to consider three bills related to the blockchain industry. These initiatives aim to streamline regulation and define a legal framework for digital assets.
CLARITY Act: A New Structure for Digital Assets
The CLARITY Act, introduced by Republican Representative French Hill, aims to create a clear framework for regulating digital assets. It seeks to define the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and proposes exemptions from registration requirements for investment contracts involving digital commodities.
GENIUS Act: Regulation of Stablecoins
The GENIUS Act has become the most discussed bill as it establishes rules for stablecoin issuers. It requires stablecoin reserves to be backed 1:1 by cash or similarly liquid assets and subjects issuers to the Bank Secrecy Act.
Anti-CBDC Act: Control over Digital Currencies
The Anti-CBDC Act, introduced by Tom Emmer, aims to prevent the Federal Reserve from issuing a CBDC. It limits the Fed's ability to launch a CBDC and asserts that only Congress should have the authority to issue a digital dollar.
The bills being discussed during 'Crypto Week' could significantly alter the landscape of the blockchain industry in the US. While the pace of lawmaking is daunting, the future impact of these bills remains to be seen.
