The second week of July has been designated as 'Crypto Week' in the U.S. House of Representatives, with many important bills related to cryptocurrencies to be reviewed.
The U.S. House Financial Services Committee will simultaneously consider three major bills to improve the legal framework for cryptocurrencies, including preventing surveillance via central bank digital currency.
MAIN CONTENT
The week from July 14 is referred to as 'Crypto Week' by the U.S. House of Representatives.
Three important bills to be discussed include the CLARITY Act, Anti-CBDC Surveillance State Act, and GENIUS Act.
The bill focuses on protecting privacy and managing cryptocurrencies within the financial system.
What is Crypto Week and why is it organized?
Crypto Week is a series of activities focused on discussing policies regarding cryptocurrencies, organized to promote transparency and enhance the legal framework in this field based on practical experience and market needs.
This helps lawmakers gain a deeper understanding of the impact of blockchain technology and cryptocurrencies on the national financial and economic system, while also enhancing trust and protecting users.
What bills are expected to be discussed this week?
Three main bills have been announced, including the CLARITY Act, Anti-CBDC Surveillance State Act, and GENIUS Act. These are significant efforts to establish a stringent and transparent legal basis for cryptocurrencies.
For example, the Anti-CBDC Surveillance State Act focuses on preventing excessive surveillance through central bank digital currency, protecting personal privacy.
The organization of Crypto Week demonstrates the commitment of the U.S. House of Representatives to building a modern, effective legal framework for the cryptocurrency market, aimed at promoting development and protecting consumers.
French Hill – Chairman of the House Financial Services Committee, July 2024
What role does the CLARITY Act play in cryptocurrency regulation?
The CLARITY Act is designed to clarify regulations and legal responsibilities in the cryptocurrency market, helping organizations and individuals operate transparently and avoid legal risks.
The CLARITY Act also helps clarify the management mechanism, minimizing ambiguity to facilitate innovation based on blockchain.
What issues does the Anti-CBDC Surveillance State Act focus on?
This bill aims to limit oversight through central bank digital currency, helping to protect privacy and prevent government abuse of authority.
Research shows that these regulations are necessary to balance financial control and ensure personal freedom in an increasingly developed digital context.
What impact does the GENIUS Act have on cryptocurrency policy?
The GENIUS Act is revolutionary in enhancing understanding and application of cryptocurrencies in public and private finance, encouraging innovation based on blockchain technology.
The bill is expected to facilitate the development of DApps, promoting safer and more transparent transactions.
Practical examples of the impact of these regulations in the industry
Similar policies have helped countries like Singapore grow their cryptocurrency sector by over 20% each year thanks to a clear legal framework, enhancing the reliability of global investors.
In 2023, according to the International Cryptocurrency Council's report, transparent regulations helped reduce fraud risks by 30% and increased investment from $3 billion to $4.2 billion.
Frequently Asked Questions
What does Crypto Week in the U.S. House of Representatives mean? This is an important time to review bills aimed at refining the legal framework, protecting and promoting the sustainable development of cryptocurrencies. What will the three major bills discussed include? The CLARITY Act (legal transparency), the Anti-CBDC Surveillance State Act (privacy protection), and the GENIUS Act (cryptocurrency financial innovation). How does the Anti-CBDC bill impact users? It helps combat excessive surveillance through central bank digital currency, effectively protecting personal privacy. Will the bills encourage cryptocurrency investors? Yes, a clear and fair legal framework helps increase trust, attracting investment from both domestic and international markets. Why is the CLARITY Act needed? To avoid legal risks and facilitate transparency for organizations and individuals operating in the cryptocurrency field.
Source: https://tintucbitcoin.com/crypto-week-14-7-du-luat-tien-dien-tu/
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