365Crypto
The US House of Representatives is kicking off “Crypto Week” on July 14. Lawmakers are preparing to vote on three major crypto-related bills: the CLARITY Act, the Anti-CBDC Act, and the GENIUS Act.
This move could make the US a global crypto leader. At least, that’s what House Committee Chair French Hill says. According to him, it’s time for the country to lead in innovation—not just follow.
What’s in These Bills?
The bills aim to clear up confusion in crypto laws. One bill sets up clear rules for stablecoins—those are digital coins backed by the dollar. Another blocks any future plans for a Central Bank Digital Currency (CBDC).*
Mike Johnson, the House Speaker, says the bills support Trump’s crypto vision. Whether you agree or not, crypto is finally getting attention on Capitol Hill.
* CBDCs are government-issued digital currencies, like a digital dollar. Some fear they could be used to track spending.
CLARITY, Please
The CLARITY Act lays out a simple plan: The SEC handles some crypto oversight, and the CFTC handles the rest. Firms would have to share financial info and keep customer money separate. About time, right?
CBDC Backlash
The Anti-CBDC Act already passed a key committee back in April. It bans the Fed from creating a digital dollar. Lawmakers say it’s a privacy risk.
Stablecoin Showdown
There’s a turf war brewing over stablecoin rules. The GENIUS Act wants states to supervise them. Another bill, the STABLE Act, pushes for federal oversight. It’s Democrats vs Republicans once again. Drama, anyone?
Senator Adam Schiff wants a ban on lawmakers (and their families) from owning crypto. He says Trump’s ties to the industry are a red flag.
So buckle up—July 14 is going to be crypto’s big moment on Capitol Hill.
