In Washington, a heated conflict has erupted in the US Congress during what is termed "crypto week," where Republicans unveiled a series of bills aimed at shaping digital asset policy.
Proposed Legislation
Republicans have introduced three bills: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act, aimed at regulating data privacy and digital currencies. They argue that these initiatives are essential to maintaining the US's competitive edge in financial innovation.
Claims and Accusations
During a heated Rules Committee hearing, Democratic Rep. Jim McGovern denounced the initiatives as a 'crypto giveaway,' accusing Republicans of overlooking risks associated with crypto-related corruption. 'I have not had one person in my district come up to me and say, 'please, please Jim, make it easier for crypto millionaires to get richer,' he stated.
Bipartisan Support Prospects
Despite enthusiasm from Republicans, they face a challenging task in garnering support in Congress. With a narrow majority in the House and no Senate control, they may rely on Democrats for advancing the legislation. Some Democrats have expressed concerns regarding conflicts of interest tied to Trump’s initiatives.
The ongoing situation surrounding cryptocurrencies in the US continues to spark debate in Congress, as efforts to establish a legislative framework encounter increasing contradictions and discontent.
