Starting July 15, the U.S. Congress faces significant confrontation. Republicans have declared this date as the launch of their ‘Crypto Week’ to fast-track three new bills.
Launch of Crypto Week
Republicans have declared July 15 the start of ‘Crypto Week,’ aimed at fast-tracking three key bills: GENIUS, CLARITY, and anti-CBDC. These initiatives focus on regulating technological innovation, establishing a framework for digital markets, and banning central bank digital currencies.
Democratic Opposition
Democrats, led by Maxine Waters and Stephen Lynch, strongly oppose these bills, labeling them dangerous and claiming they could enable large-scale fraud. They link the proposed bills to crypto ventures associated with former President Donald Trump, stating that they ‘legitimize Trump’s crypto corruption, which has reportedly earned him $1.2 billion.’
Prospects of Legislation
Republicans aim to enact the GENIUS Act swiftly in the House, allowing it to go directly to the President for signing. They have support from White House advisor on digital assets Bo Hines. However, any amendments to the GENIUS Act would require sending it back to the Senate, extending the process. Meanwhile, Democrats plan to launch an ‘Anti-Crypto Corruption Week’ to rally public opposition against these initiatives.
The situation in Congress remains tense. The outcome of the standoff between Republicans and Democrats will determine what approach to cryptocurrency regulation will be adopted in the U.S. by 2025.
