The fourth day of Crypto Week revealed persistent divisions among US lawmakers over crucial legislation that will define the regulatory framework for digital assets.
Key Bill Discussions
Key bills like the Clarity Act, the GENIUS stablecoin legislation, and the Anti-CBDC Surveillance State Act faced delays due to partisan disagreements and bottlenecks on proposed amendments. Topics discussed included consumer protections, measures against money laundering, the introduction of a central bank digital currency, banking safeguards, and rules to prevent conflicts of interest within the executive branch.
Conflicts of Interest and Their Impact
Representative French Hill emphasized the importance of the GENIUS stablecoin bill, labeling it a priority across multiple congressional terms. However, Representative Maxine Waters contended that the proposed bills fail to tackle conflicts of interest associated with the President and Vice President’s crypto ventures. "This bill states elected representatives cannot create their own stablecoins, yet the President and Vice President can still operate crypto businesses."
Additional Concerns Raised by Legislators
Beyond limiting executive involvement, other concerns addressed by legislators included national security and financial stability aspects. Senator Adam Schiff’s COIN Act specifically targets income and disclosure issues for officials. Waters noted that while stablecoin reserves generally include cash and short-term Treasury securities, the bill permits uninsured deposits, raising worries about financial system risks.
The ongoing discussions over cryptocurrency bills in the US Congress reflect deep partisan divisions. As the importance of regulating digital assets increases, future debates will significantly impact the crypto industry's trajectory.
