The US Congress is preparing to take important steps to shape policy toward the cryptocurrency market, through hearings and draft legislation on market structure and stablecoins.
The “Crypto Week” initiated by House Speaker Mike Johnson promises to be a fierce period with bills such as the CLARITY Act and the GENIUS Act, which aim to clarify the regulatory powers and issuance mechanisms of stablecoins, while addressing the uncertainty related to cryptocurrency tax policy and governance.
MAIN CONTENT
US Congress Holds Important Hearing Focusing on 21st Century Cryptocurrency Policy.
The CLARITY Act and GENIUS Act are being pushed to shape the governance and issuance of stablecoins.
Concerns over Trump administration's relationship with cryptocurrencies affect political consensus.
What hearings is the US Congress scheduled to hold on cryptocurrencies?
The House Ways and Means Committee and the Senate Banking Committee both held separate hearings on July 10, 2024, focusing on the cryptocurrency market. The House aimed to develop a tax framework, while the Senate invited leading industry CEOs to attend and discuss.
The House hearing, titled Ensuring Digital Asset Policy Fits the 21st Century, focused on creating a transparent tax policy for cryptocurrencies. The Senate hearing, titled Building the Future Digital Asset Market, featured leaders such as Summer Mersinger (Blockchain Association), Jonathan Levin (Chainalysis), Dan Robinson (Paradigm), and Brad Garlinghouse (Ripple).
Strong and clear policies will build trust and promote sustainable growth for the cryptocurrency market in the United States.
Brad Garlinghouse – CEO Ripple, 2024
What Role Do the CLARITY Act and GENIUS Act Play in US Cryptocurrency Policy?
The CLARITY Act is expected to clarify the powers of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to reduce regulatory overlap. The GENIUS Act allows the issuance and trading of USD-denominated stablecoins through a clear legal framework.
The two bills have been passed by several committees and are now being fast-tracked for approval in the House of Representatives. They are intended to encourage traditional financial institutions to enter the cryptocurrency market while creating a safer environment for investors.
Comparing Regulatory Powers Between the SEC and CFTC Under the CLARITY Act
Agency Scope of regulation Main role Securities and Exchange Commission (SEC) Tokens issued as securities Overseeing issuance, trading of cryptocurrency securities Commodity Futures Trading Commission (CFTC) Futures contracts, non-securities tokens Regulating derivatives contracts, market mechanisms
Why is the Trump administration's involvement and influence in cryptocurrency policy controversial?
The CLARITY and GENIUS bills initially enjoyed bipartisan support but faced strong opposition after multiple reports emerged about questionable cryptocurrency transactions involving former President Trump's family, raising questions about their transparency and legality.
Although Republican lawmakers rejected a provision that would have prohibited senior officials from trading cryptocurrencies while in office, the move has created controversy over ethics and the risk of conflicts of interest in digital financial policy.
Cryptocurrency policy must ensure transparency and avoid vested interests to build fair and trustworthy markets.
David Sacks – Working Group Member on Digital Asset Markets, 2024
What are the expected next steps for cryptocurrency policy in the United States?
The Trump administration’s working group is expected to release a cryptocurrency strategy report on July 22, 2024, with recommendations including a strategic Bitcoin reserve, expanding banking access for cryptocurrency companies, and creating a national digital asset repository.
The upcoming regulatory policy is expected to be a roadmap for the controlled development of the global cryptocurrency market, thereby helping to attract major financial partners and institutional investors.
Frequently Asked Questions
What is the purpose of the US House and Senate holding cryptocurrency hearings? These two hearings aim to create a clear legal framework and promote the sustainable development of the cryptocurrency market in the United States. How do the CLARITY Act and GENIUS Act affect the stablecoin market? The two bills establish clear regulatory authority and a stablecoin issuance mechanism, increasing market transparency. Why is the Trump administration facing opposition in developing cryptocurrency policy? Trump's financial ties to cryptocurrencies are suspected of causing conflicts of interest, leading to extensive political controversy. What is the Trump administration's cryptocurrency strategy report expected to contain? The report introduces proposals for a strategic Bitcoin reserve, improving access to banking, and building a national digital asset vault. Who are the key figures participating in the discussion at the cryptocurrency hearings? Representatives from the Blockchain Association, Chainalysis, Paradigm, and Ripple are on hand to provide expert perspective and practical experience.
Source: https://tintucbitcoin.com/hop-quan-trong-thue-tien-dien-tu-us/
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