The US House of Representatives has announced that, beginning July 14, it will hold a dedicated “Crypto Week” to review major legislation related to the digital asset market, including the CLARITY Act, the Anti-CBDC Act, and the GENIUS Act.

Policy Initiative and Objectives

House Financial Services Committee Chair French Hill, Agriculture Committee Chair Glenn Thompson, and House Speaker Mike Johnson emphasized that the initiative is designed to solidify the United States’ position as a global leader in digital finance.

According to Hill, after years of groundwork, Congress is ready to advance legislative efforts aimed at establishing a clear regulatory framework for crypto. The proposed bills are intended to protect both consumers and investors by regulating the issuance of US dollar-backed stablecoins and prohibiting the creation of a central bank digital currency (CBDC).

Key Provisions of the Legislation

The Anti-CBDC Act, already approved by the House Financial Services Committee, seeks to prohibit the Federal Reserve from developing, testing, or issuing a digital fiat currency due to privacy and government overreach concerns.

The CLARITY Act, supported by both the Financial Services and Agriculture Committees, establishes a dual regulatory structure dividing oversight between the SEC and CFTC. It also requires crypto firms to disclose financial data and maintain segregation of client funds from corporate assets.

The GENIUS Act, recently passed in the Senate, proposes a state-level supervisory regime for stablecoin issuers. It has been prioritized over the STABLE Act, which advocates federal oversight.

Political Controversy

Some Democratic lawmakers have opposed the GENIUS Act and broader crypto market regulation proposals, citing concerns about former President Donald Trump’s alleged ties to the crypto sector. Senator Adam Schiff has introduced potential amendments that would prohibit elected officials and their families from holding digital assets to prevent conflicts of interest.

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