U.S. House Declares "Crypto Week" to Tackle Digital Asset Legislation

July 14 Kicks Off Intense Legislative Push on Crypto

Hold onto your hats, crypto fans! The U.S. House just dropped the bomb: July 14 is the start of "Crypto Week," a power-packed session where they're gonna hash out some serious digital asset laws. We're talking three major pieces of legislation hitting the floor: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate's GENIUS Act. It's gonna be a wild ride!

Under the guidance of Financial Services Committee Chairman French Hill and Agriculture Committee Chairman GT Thompson, this initiative is all about setting the record straight on digital assets. They're aiming to create a crystal-clear regulatory framework, keep those dollar-backed stablecoins in check, and slam the door on any U.S. central bank digital currencies. It's about time someone took charge!

Majority Leader Steve Scalise is all in, saying, "These pieces of legislation further the President's pro-growth and pro-business agenda, and provide a clear regulatory framework for digital assets." You heard it here first, folks!

Each of these bills zooming onto the House floor during "Crypto Week" zeroes in on a different piece of the digital asset puzzle.

The CLARITY Act? Oh, it's a game-changer. It's laying down a comprehensive framework to finally define the line between securities and commodities in the digital asset world. This means the Commodity Futures Trading Commission and the Securities and Exchange Commission will know exactly where they stand, ending years of confusion that's been holding back innovation. Both the Financial Services Committee (32-19) and the Agriculture Committee (47-6) gave it the green light, and now it's ready for the full House to take a swing at it.

Then there's the GENIUS Act, which already got the Senate's stamp of approval back in mid-June. This one's all about setting up a solid regulatory framework for those dollar-backed payment stablecoins. It's laying down the law on issuance, reserves, and oversight to keep things stable and protect consumers, all while giving a nod to innovation in U.S.-based stablecoin markets. It's a win-win!

And let's not forget the Anti-CBDC Surveillance State Act. This bill's on a mission to stop the Federal Reserve from issuing a U.S. central bank digital currency. Why? Because if the Fed gets its hands on a CBDC, it could seriously mess with Americans' financial privacy and turn it into a tool for government surveillance. No way, José! This bill made it through the Financial Services Committee by a tighter vote (27-22), showing some heated debate but strong backing from Republican leadership. If it passes, the U.S. will be the first major economy to say "no thanks" to a CBDC.