The US Congress has started what is being called 'Crypto Week', focusing on three bills related to the regulation of digital assets. Political divisions and differing opinions are evident.
Start of 'Crypto Week'
Congress has begun discussions on new legislation aimed at regulating cryptocurrency. Republicans are currently promoting three key initiatives: the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS), the Digital Asset Market Clarity Act (CLARITY), and the Anti-CBDC Surveillance State Act.
Criticism of Bills from Democrats
Massachusetts Representative Jim McGovern criticized Republicans, stating that the bills are designed to benefit 'crypto millionaires'. He noted that he has not heard any requests from voters to ease regulations for crypto investors, adding that this is a corruption issue. 'This isn’t about innovation — it’s about corruption [...] These bills even carve out special treatment for Trump’s personal crypto ventures,' McGovern said.
Prospects for Bill Approval
Many Democrats express skepticism about supporting the bills, which may hinder their passage. Debate in the Rules Committee has shifted to discussions on the Department of Defense Appropriations Act, but discussions on digital assets are expected to resume soon. Republican leaders have indicated an intention to pass all three bills before the congressional August recess.
The discussion of cryptocurrency bills in the US Congress draws attention to the issues of regulation and potential risks associated with corruption and individual interests. The future of these initiatives depends on the Republicans' ability to garner bipartisan support.
