This week, the US Congress is expected to vote on three key crypto-related bills that could have a significant impact on the future of digital assets in the country.
Contents of GENIUS and CLARITY Acts
The **GENIUS Act** (Guiding the Emerging Nation’s Innovation for Unified Standards) is designed to create a clear federal standard for digital asset innovation. It aims to streamline how various federal agencies, such as the SEC and CFTC, regulate crypto markets.
The **CLARITY Act** (Cryptocurrency Legal Accountability, Regulation, and Transparency for You) focuses on more clearly classifying digital assets. This bill may help resolve the long-standing question of whether certain tokens should be treated as securities or commodities.
Anti-CBDC Bill: Protecting Financial Privacy
The **Anti-CBDC Surveillance State Act** seeks to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) that could be used for mass surveillance of citizens’ financial transactions. This bill reflects growing concerns among lawmakers and civil liberties advocates about the potential misuse of CBDCs for tracking or restricting how citizens use their money.
Future Prospects for the Crypto Industry
If these bills pass, they could mark the beginning of a more structured and innovation-friendly environment for crypto in the US. For an industry that has long been plagued by regulatory uncertainty, this week could be a turning point.
The discussion of these bills will be watched closely, and their passage could have significant implications for the development of the crypto industry in the country.
