From July 14 to 18, the U.S. House of Representatives plans to debate three key bills related to digital assets. Here are the highlights:US legislators will hold a "crypto week"
1. Stablecoin Bill (GENIUS Act)
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Overview: This bill aims to create a clear legal framework for stablecoins, which are cryptocurrencies pegged to traditional currencies or assets. The main goal is to ensure stability and consumer protection.
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Support: The Senate has already approved the GENIUS Act with bipartisan support, indicating a broad consensus on the need for stablecoin regulation.
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Trump's Requirements: Former President Donald Trump insists that the bill be passed before the August recess, highlighting its importance for the crypto industry and the economy as a whole.
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Key Difference from the STABLE Act: Unlike the STABLE Act, which limits oversight to federal agencies, the GENIUS Act allows states to set their own rules and oversight for stablecoin issuers. This could lead to more flexible regulation and innovation in this area.
2. CLARITY Act
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Market Structure: The CLARITY Act aims to clearly define jurisdiction between the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission), which will help eliminate uncertainties in regulation and enhance transparency for market participants.
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Exchange Registration: The bill requires that most crypto exchanges register with the CFTC, implying stricter compliance requirements and standards. This could also increase investor confidence in cryptocurrency platforms.
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Disclosure Requirements: The CLARITY Act establishes requirements for disclosure and fund segregation, which will help protect investors and improve financial transparency in the market.
3. Anti-CBDC Surveillance State Act
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CBDC Ban: This bill prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) directly to citizens. This decision arises from concerns about potential violations of financial privacy.
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Financial Privacy Protection: The bill's authors argue that it is necessary to protect citizens' rights to financial privacy and to prevent the creation of a surveillance system for transactions.
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Identical Bill in the Senate: An identical bill has been introduced in the Senate to expedite the process, indicating lawmakers' serious intentions regarding the protection of financial rights for citizens.
Tom Emmer's Opinion
Tom Emmer, one of the leading supporters of these bills, noted:
“By passing these laws, we will make the U.S. the world capital of cryptocurrencies and protect privacy.”
These bills could significantly change the regulatory landscape for cryptocurrencies in the U.S., fostering a safer and more transparent market. It is important to note that the discussion of these initiatives will also be linked to broader debates about the future of digital assets and their role in the economy.
