From July 14 to 20, the U.S. Congress is hosting 'Crypto Week', aimed at introducing key cryptocurrency legislation, such as the GENIUS and CLARITY Acts.
Plan for 'Crypto Week'
White House Digital Asset Policy Advisor Bo Hine announced the launch of 'Crypto Week' in the U.S. Congress from July 14 to 20. This initiative aims to introduce critical cryptocurrency legislation that could position the U.S. as a leader in the space.
Impact of the GENIUS and CLARITY Acts
The GENIUS and CLARITY Acts have the potential to reshape the existing cryptocurrency landscape in the U.S. The GENIUS Act, which is set to go to President Trump, advocates for a regulatory framework for stablecoins, potentially sparking interest from the private sector. The CLARITY Act focuses on establishing clear regulatory boundaries, allowing the CFTC to oversee crypto assets.
Ethereum's Role Post-Legislative Changes
As of July 12, Ethereum (ETH) is priced at $2,975.90 with a market capitalization of $359.24 billion. It holds a 9.74% market dominance and has seen an 85.55% increase over the past 90 days. Legislative changes are expected to affect market activity and increase interest in corporate digital currencies, thereby developing the cryptocurrency market infrastructure.
The proposed GENIUS and CLARITY Acts could significantly impact the development of the cryptocurrency market in the U.S., creating new opportunities for institutional capital and regulating the use of stablecoins.
