The US House of Representatives has designated July 14 as 'Crypto Week', marking discussions on key legislation in digital assets and cryptocurrencies.
Crypto Week Priorities
House Speaker Mike Johnson, Financial Services Committee Chair French Hill, and Agriculture Committee Chair GT Thompson announced the Crypto Week. Significant bills related to stablecoins and the structure of cryptocurrency markets are expected to be discussed. Johnson emphasized that this marks the first step towards positioning the U.S. as a leader in the digital economy.
Digital Asset Market Legislation
One of the main focuses of Crypto Week will be the discussion of the stablecoin legislation. The House has switched to the Senate's version known as the GENIUS Act, which has already been approved. This bill mandates that stablecoins must be fully backed by U.S. dollars, with strict rules for issuers, including annual audits.
Banks and CBDC: Protecting Financial Privacy
A further proposal seeks to ban the Federal Reserve from launching a retail-facing digital currency. Tom Emmer, the bill's author, argues that such currency could threaten personal financial privacy and enable government control over spending.
Crypto Week in the US Congress provides an opportunity to discuss the regulation of digital assets and cryptocurrencies. It is anticipated that legislative developments will aim to ensure clarity in rules and protect consumer rights.
