$BTC
🚨🚨🚨
U.S. Congress Opens Debate on Major Crypto Bills Amid Controversy
During a specially designated “Crypto Week,” U.S. lawmakers are debating three significant cryptocurrency bills that could reshape the future of digital finance in America. Here's a summary of the developments:
1. Congress has declared July 14–18 as “Crypto Week” to focus on key crypto legislation.
2. The GENIUS Act, already passed in the Senate, sets national rules for stablecoins, including full reserve backing and monthly disclosures.
3. The CLARITY Act would divide oversight between the SEC and CFTC, giving the CFTC more control over crypto assets.
4. A third bill seeks to ban the issuance of a U.S. central bank digital currency (CBDC), citing surveillance and privacy concerns.
5. These bills follow intense crypto lobbying, with over $119 million spent during the 2024 elections.
6. Critics—especially Democrats—say the bills favor crypto firms and lack adequate consumer protections.
7. Amendments proposed by Democrats include AML rules and limits on executive power over crypto policy.
8. If passed, the legislation could bring regulatory clarity, encourage institutional investment, and advance the U.S. role in digital finance.