The U.S. House of Representatives has just passed three important cryptocurrency bills with strong support from Republicans, after failing in a previous procedural vote.
The passage of these bills will create development momentum for the cryptocurrency market, particularly for Ethereum and other Layer 1 chains, while attracting institutional investors and establishing a clearer legal framework for fiat-backed stablecoins.
MAIN CONTENT
The three bills, GENIUS Act, Clarity Act, and Anti-CBDC Act, were passed by the U.S. House of Representatives with a majority vote from Republicans.
This decision was driven by the intervention of President Trump and the regulations against central bank digital currency (CBDC).
The impact on the global cryptocurrency market could be significant, helping to strengthen the position of Ethereum and other Layer 1s, while increasing institutional investment appeal.
Why were the cryptocurrency bills passed today?
The passage of these three important cryptocurrency bills was decisively influenced by President Donald Trump within the previous 24 hours, helping to overcome procedural voting obstacles that the bills had previously failed to clear the day before. Republican members, who had opposed before, reached consensus thanks to an amendment adding strong anti-CBDC regulations to the CLARITY bill.
"House Freedom Caucus Members will vote in favor of the rule today after reaching an agreement with President Trump last night. Accordingly, the Rules Committee will reconvene to add clear, strong anti-CBDC provisions to the CLARITY bill."
Andy Harris, U.S. Congressman, June 21, 2024
What is the impact of these bills on the cryptocurrency market?
The official passage of the bills by the U.S. House will create significant positive impacts for the altcoin market, with Ethereum being a prominent example. Additionally, other Layer 1 chains are also expected to attract a large influx of institutional investors to develop stablecoins based on fiat currency legally and under control.
Immediately after the vote, the price of Ethereum rose by 6.9% in 24 hours, trading above $3,308 at the time of writing. The total cryptocurrency market capitalization increased by about 3%, reaching approximately $3.8 trillion. A transparent legal framework in the U.S. will create a ripple effect, helping the global market to develop sustainably and more rapidly in the near future.
What are the notable contents of the three bills?
The three bills, GENIUS Act, Clarity Act, and Anti-CBDC Act, focus on building a clear legal framework for cryptocurrency, opposing the issuance of central bank digital currency (CBDC), while promoting the development of stablecoins and cryptocurrency-based financial products.
Key Focus Bills Impact GENIUS Act Has been passed by the Senate, promoting a transparent legal framework for cryptocurrency. Ensures healthy development, minimizing legal risks for the market. Clarity Act Adds strong anti-CBDC provisions, clearly defining the legal role of stablecoins. Increases trust for institutional investors, developing legal stablecoins. Anti-CBDC Act Prohibits the issuance and use of CBDC, protecting the decentralization of cryptocurrency. Maintains independence and freedom of the cryptocurrency market from centralized control.
What are the long-term impacts of establishing a clear legal framework?
The establishment of a transparent and consistent legal framework will help the cryptocurrency market in the United States and globally to develop more steadily, while also attracting major investors and financial institutions to participate extensively. This is also an important foundation to promote technological innovation and the application of cryptocurrency in life and business production.
"A clear legal framework is a key factor in building trust and enhancing the quality of the cryptocurrency market, helping to attract institutional investment with greater efficiency and transparency."
Jessica Lee, CEO of a Blockchain research company, June 2024
Frequently Asked Questions
1. Why do cryptocurrency bills need additional anti-CBDC regulations? To protect the cryptocurrency market from central bank digital currency control, helping to maintain the decentralization and freedom of the ecosystem. 2. How will the passage of these bills affect individual investors? Individual investors will benefit from a clear legal environment, reducing legal risks and increasing investment opportunities in stablecoins and altcoins. 3. What has driven the price increase of Ethereum following the bill's passage? Ethereum is regarded as the top Layer 1 platform that will benefit most from regulatory order and transparency, stimulating demand from institutional investors. 4. Do these bills apply globally? Although they are US regulations, they have a leading influence, creating trends for the global cryptocurrency market towards legalization and standardization. 5. When will the bills officially take effect? The GENIUS Act has passed the Senate; the bills have just been approved by the House and are expected to be signed into law by the President in the coming days in Vietnam.
Source: https://tintucbitcoin.com/crypto-bills-thang-o-ha-vien-sau-that-bai/
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