The US has canceled votes on two significant bills regulating cryptocurrencies, raising questions about the future of legislative initiatives in this area.
Vote Cancellation: Consequences and Reasons
On Tuesday, during 'Crypto Week', the U.S. House of Representatives canceled votes on two key cryptocurrency bills. This procedural failure exposed deep political divisions over the regulation of digital assets, resulting in the suspension of all scheduled votes and creating uncertainty about the future U.S. crypto framework.
Key Projects GENIUS and Clarity
The GENIUS bill was intended to regulate the stablecoin sector by imposing dollar guarantees and annual audits. It had already been approved by the Senate and could have reached Donald Trump's desk soon. The Clarity bill was meant to clarify the roles of the SEC and CFTC, as well as enhance transparency standards for players in the crypto ecosystem. However, the proposal to regulate this historically unregulated market faces opposition.
Political Controversies Surrounding Crypto Regulation
Resistance has emerged among Republican lawmakers, including Marjorie Taylor Greene, who argue that GENIUS does not do enough to restrict central bank digital currencies (CBDCs). Concerns about government surveillance over citizens' transactions in the context of potential CBDC adoption are actively discussed. Notably, Donald Trump is reported to be pressuring for the project to move forward, recognizing its strategic importance for the U.S. digital economy.
The cancellation of votes on advancing Clarity and GENIUS amidst internal political controversies highlights the necessity of a clear and consistent regulatory approach to cryptocurrencies. Tensions arise not only domestically but also in the context of competition with other nations like China and Europe, which are actively developing their digital legislative frameworks.
