This week the US Congress is set to discuss three key bills that may significantly change the legal landscape for crypto assets.
Bills Under Discussion
The US Congress is gearing up for 'crypto week' from Monday to Friday. Lawmakers will discuss three significant bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. The CLARITY Act aims to define regulatory oversight of cryptocurrency, the GENIUS Act establishes a legal framework for stablecoins and has already cleared the Senate, while the Anti-CBDC Surveillance State Act seeks to ban the creation of a US central bank digital currency.
Industry's Response to Legislation
Mason Lynaugh, community director at Stand With Crypto, believes this is an important moment for the crypto industry. 'We're seeing unbelievable momentum, unparalleled attention, and bipartisan support for crypto.' He highlighted that the CLARITY Act addresses long-standing issues regarding regulatory jurisdiction and consumer protection.
Political Climate Surrounding Cryptocurrencies
Lynaugh also noted that cryptocurrencies have garnered broad bipartisan support despite attempts to politicize the issue. 'We have over 50 million Americans owning crypto,' he stated, adding that 2.2 million are active advocates within Stand With Crypto. If the legislation fails to pass, numerous regulatory questions would remain unanswered.
The factors influencing the discussion on these bills in Congress could significantly impact the future of the crypto industry in the US in the coming days.
