*๐บ๐ธ U.S. Congress Advances Key Crypto Bills: GENIUS & CLARITY Acts ๐*
The U.S. Congress is making significant strides in cryptocurrency regulation with two major bills:
- *GENIUS Act*: Passed by the Senate Banking Committee with an 18-6 vote, this bill aims to establish a regulatory framework for stablecoins, defining when issuers fall under state or federal oversight. It has garnered bipartisan support, though some Democrats express concerns over potential conflicts of interest and consumer protections.
- *CLARITY Act*: Approved by the House Financial Services and Agriculture Committees, this bill seeks to delineate the regulatory responsibilities of the SEC and CFTC over cryptocurrencies. It includes provisions to protect non-custodial software developers and miners from being classified as money transmitters, addressing concerns about overregulation in the DeFi space.
These developments mark a pivotal moment in U.S. crypto policy, aiming to provide clearer guidelines for digital assets and their stakeholders.
๐ฌ What are your thoughts on these legislative moves? Share your insights below! ๐
