The US Congress is preparing for significant hearings on cryptocurrency regulation, which could be a decisive step for the industry.
Congressional Hearings on Crypto Assets
The House and Senate committees will hold separate hearings on the digital assets market on July 9. House Speaker Mike Johnson has designated the week of July 14 as 'Crypto Week' to discuss several bills focusing on market structure and stablecoins.
CLARITY and GENIUS Bills
During 'Crypto Week,' House Republicans are preparing to present two major crypto-related bills: the CLARITY Act and the GENIUS Act. The former aims to establish clear authority boundaries between the SEC and the CFTC regarding various digital assets, while the latter provides a regulatory framework for issuing and trading dollar-pegged stablecoins.
Challenges and Prospects for Regulation
Despite initial bipartisan support for both bills, Democrats in Congress raised concerns over significant profits made by the Trump family from cryptocurrency dealings. Meanwhile, the Republican majority rejected amendments to limit cryptocurrency trading by high-ranking federal officials.
The hearings and proposed bills could significantly impact cryptocurrency regulation in the US, opening new opportunities for market participants.
