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House Republicans are planning to advance three important crypto-related bills – The CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act
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These crypto-bills together can bring about huge changes and reshape the regulatory frameworks
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Crypto industry lobbyists spent over $100 million to push for coordinated policy on stablecoins, market structure and other issues
The week of July 14-18 will be a big one for crypto. House Republicans are planning to advance three important crypto laws – the CLARITY Act Anti-CBDC Surveillance State Act and GENIUS Act.
The CLARITY Act makes the CFTC, not the SEC, the primary regulator of digital commodities. It will require exchanges to register, segregate assets of customers, improve disclosures and clarify jurisdictional borders.
Anti-CBDC State Act aims to prevent the issuance of US retail Central Bank Digital Currency.
GENIUS Act, a stablecoin framework, requires a 1:1 backing, monthly audits and AML (Anti-Money Laundering Compliance).
This is a big deal for the crypto industry. There are some major changes coming. If the CLARITY Act is passed, for example, digital assets and exchanges will have clear roles, with the CFTC handling commodities and the SEC handling securities. This could potentially unlock institutional investments and new products.
The Anti-CBDC Bill would then formally block Fed digital dollars. This bill appeals to privacy advocates, and echoes political promises to guard against the government’s surveillance. The GENIUS Act is a clear step forward in terms of consumer protection and stablecoin issuer regulations.
GENIUS Act generates the most buzz
These crypto bills can bring about huge changes and reshape the regulatory frameworks to the point that the US could become a leader in crypto innovation.
All three appear to have support but the GENIUS Act seems to be the most anticipated. Crypto industry lobbyists spent over $100 million to push for a coordinated policy on market structure and stablecoins.
Even Coinbase stock jumped after the GENIUS passed in the Senate. This is likely related to Coinbase plans for 24/7 USDC payment and retail partnerships.
Stakeholders race against Congressional recess dates and campaign cycles. US President Donald Trump also urged passage of stablecoin legislation before August.
It’s likely that a strong US stabilcoin regulation could influence global markets. This could translate into innovation, but also raises concerns about the dollar’s global standing and country’s control over their currencies.
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