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The House of Representatives of the United States has been furiously negotiating on three main cryptocurrency bills as the current Crypto Week proceeds. As early as Wednesday, July 17, lawmakers may pass these bills, including the Anti-CBDC Surveillance State Act, the CLARITY Act, and the GENIUS Act.
A few weeks ago, the three bills were adopted by the House Rules Committee and referred to the floor for consideration. Failure to agree on the order of discussion was most likely to be resolved through a procedural vote.
The moment the House finally passes the GENIUS Act, it will then be transferred to the Office of the President, awaiting the President's signature. It has already passed in the Senate. In the process, the CLARITY and Anti-CBDC bills would be passed on to the Senate for further deliberations.
During a hearing of the Rules Committee, Representative French Hill emphasised that the country should modernise its attitude towards digital asset regulation. He stated that the existing system is outdated. Hill proposes an alternative regulation to the CLARITY Act, which is placed under H.R. 3633, to replace the enforcement-based regulation with a clear legislative framework for digital assets. He added that the bill represents a bipartisan effort from regulators and market participants.
Hill sponsors other bills in the area as well, such as the Anti-CBDC Surveillance State Act, which attempts to encroach on the Federal Reserve's ability to issue retail central bank digital currency without congressional approval. He stated that this would compromise Americans' privacy by granting the federal government power over financial systems.
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The GENIUS Act aims to provide clarity to the legal frameworks of digital asset companies and promote innovation in the US financial system. Representative Hill mentioned that the Act considers several aspects derived from previous attempts to regulate stablecoin issuers using frameworks designed to accommodate consumer-protective regimes. The proposal aims to strengthen the US dollar within the international economy, while also promoting domestic technological advancements.
With these events, market watchers have generally had a more optimistic view of the cryptocurrency market. The current development of these bills may introduce the first comprehensive regulatory framework for digital assets in the US this crypto week.
