It’s officially “Crypto Week,” a multi-day event where leaders in the US House of Representatives hope to vote on three cryptocurrency bills expected to bolster the national crypto industry.
The CLARITY Act, the GENIUS Act and the Anti-CBDC Surveillance State Act are expected to go through debate, amendments and a final vote over the coming days.
“Crypto Week” was announced by French Hill, chair of the House Committee on Financial Services, on July 3. Hill said the legislation would establish “a clear regulatory framework for digital assets,” as well as set the ground rules for dollar-pegged stablecoin issuance, and aims to block central bank digital currency (CBDC) issuance “to safeguard Americans’ financial privacy.”
While “Crypto Week” has garnered much anticipation among Republicans in the House, Democratic leaders are actively campaigning against what they call “dangerous legislation.”
Here are the key dates to look out for.
Key dates and milestones during “Crypto Week”
On Monday, the House Rules Committee will meet to discuss all three bills. It will set the special rules that “provides the terms and conditions of debate.” On Tuesday, the House will begin discussing the bills, and the vote can start after the debate ends.
Final passage votes on the Clarity Act and the Anti-CBDC Surveillance State Act are scheduled for Thursday. The GENIUS Act’s final passage vote is expected on Friday.
Related: GENIUS Act could strengthen dollar power, write ‘rulebook’ for global financial system
The Digital Asset Market Clarity Act (CLARITY Act)
The Digital Asset Market Clarity (CLARITY) Act was introduced at the end of June and aims to provide a regulatory framework for the crypto industry. This includes defining the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in their regulation.
The bill also aims to “provide an exemption from the Securities Act of 1933’s registration requirement for offers of investment contracts involving digital commodities on mature blockchains that meet certain conditions.”
But not everyone is on board. Earlier this month, Massachusetts Senator Elizabeth Warren said that under those rules, publicly traded companies could essentially bypass US securities laws.
Related: Coinbase crypto lobby urges Congress to back major crypto bill
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act)
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) was introduced in February, less than two weeks after President Donald Trump took his office. The bill passed the Senate on June 17.
The GENIUS Act sets rules for the type of entities that may issue stablecoins. It establishes that “issuers must maintain reserves backing the stablecoin on a one-to-one basis” in US dollars or other similarly liquid assets. It also extends the Bank Secrecy Act to stablecoin issuers.
Some economic and legal observers have noted that the backing clause of the GENIUS Act could pose a systemic risk to the US monetary system.
Anti-CBDC Surveillance State Act
The Anti-CBDC Surveillance State Act was introduced in early March and seeks to prevent the Federal Reserve, the US’s central bank, from issuing a CBDC. The Federal Reserve would also be prohibited from using a CBDC to influence monetary policy, and ensure that solely Congress can issue a digital dollar.
At the end of April, the House Financial Services Committee advanced the Anti-CBDC Surveillance State Act in a 27-22 vote. Representative Brad Sherman described the bill as a “word salad” that favored “crypto bros.”
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