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U.S. House Votes on Three Crypto Bills During Designated “Crypto Week”
The U.S. House is set to vote on three key crypto bills as part of the designated “Crypto Week”. This extraordinary session, which kicked off yesterday, marks a significant milestone for the country’s digital asset industry.
Two of the proposed laws aim to establish regulatory frameworks for crypto markets and stablecoin issuers. The Digital Asset Market Clarity Act (CLARITY Act) is slated for discussion on Wednesday afternoon, with the goal of defining roles for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in governing digital assets.
Additionally, it would offer specific exemptions from securities registration requirements for certain blockchain-based offerings. The bill has garnered strong bipartisan support, which means that if passed as expected, it will shift to the Senate for further consideration.
On Thursday, the House is scheduled to vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which aims to impose reserve requirements for stablecoin issuers such as Circle (USDC) and Tether (USDT). The bill demands that these companies maintain one-to-one reserves with U.S. dollars or similar liquid assets.
The GENIUS Act has already cleared the Senate with widespread bipartisan support. If it passes, it will potentially become the first major cryptocurrency law to be signed into effect.
Lastly, a third piece of legislation, known as the Anti-Central Bank Digital Currency (Anti-CBDC) Surveillance State Act, is slated for a Wednesday vote. Republican lawmakers have expressed concern that a government-issued digital dollar could potentially undermine private stablecoin offerings and enable financial surveillance of American citizens. The bill aims to ensure that only Congress can authorize the issuance of a central bank digital currency.
It is important to note that not all House members support these bills. Democratic leaders have criticized certain aspects of the proposed legislation, describing it as “dangerous”. Meanwhile, Representative Brad Sherman has dismissed the Anti-CBDC Act as “word salad” geared towards catering to “crypto bros”.
Despite the opposition, the crypto community views these votes as a significant step forward in shaping the regulatory landscape for digital assets.
Source: blockonomi.com
