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US Lawmakers Kick Off ‘Crypto Week’–What You Need To Know
As the House of Representatives prepares to kick off “Crypto Week”, three major digital-asset bills are set to come before lawmakers for debate and voting. The bills in question include the Senate-passed Genesis of Electronic Notes and Issuance Under Supervision (GENIUS) Act, the Anti-CBDC Surveillance State Act, and the Digital Asset Market Clarity (CLARITY) Act.
Majority Leader Steve Scalise has hailed this package as furthering the President’s pro-growth and pro-business agenda, while also providing a clear regulatory framework for digital assets. However, dissent emerged within the Republican party when Ohio Representative Warren Davidson expressed concerns that the proposed legislation could inadvertently create a “hollowed-out” regulatory environment.
Davidson voiced his apprehension over the passage of the GENIUS Act, arguing that it will lead to a lack of safeguards for self-hosted wallets. His warning follows a surge in Bitcoin’s price above $121,000 and an uptick in altcoin values.
The impasse within the Republican party highlights the ongoing disagreement on how best to regulate digital assets. Some lawmakers prioritize incremental victories, such as establishing stablecoin regulations, while others advocate for more radical changes, like a ban on central bank-issued cryptocurrencies (CBDCs).
Despite these internal divisions, it seems that “Crypto Week” will proceed as planned. With the total crypto market cap now hovering above $1.272 trillion, traders are eagerly anticipating the outcome of this legislative push.
As trading continues, independent trader Cas Abbé has expressed his expectations on Twitter: “US House designated July 14-18 as ‘crypto week’…It’s expected that all three bills will pass in 2025, which will set the stage for a massive rally.”
As the debate unfolds, it remains to be seen whether these proposed measures can find sufficient support across party lines.
Source: bitcoinist.com
