The U.S. Congress is at an impasse over important cryptocurrency bills due to disputes over central bank digital currency (CBDC).
The disagreement among Republican congress members regarding CBDC-related content has stalled procedural votes, delaying plans to pass several bills such as the GENIUS Stablecoin Regulatory Act.
MAIN CONTENT
The U.S. Congress cannot proceed with voting due to disputes over CBDC regulation.
Congress members want to add anti-CBDC provisions to the bill, causing delays.
Why are cryptocurrency bills stalled in the U.S. Congress?
According to in-depth analysis from The Block and reports on July 17, 2024, the main reason the cryptocurrency bills including the GENIUS Stablecoin Regulatory Act have not passed is due to disagreements among Republican congress members regarding CBDC-related content. Disputes over the definition and control of the national digital currency have stalled procedural votes, disrupting Congress's plans during 'Crypto Week.'
"The addition of anti-CBDC provisions has created deep divisions in Congress, leading to the delay of the legislative process for cryptocurrency bills."
Emily Johnson, CEO of the U.S. Blockchain Research Organization, 2024
The significance of the CBDC debate for cryptocurrency bills
CBDC represents an important transformation in the national financial system; however, there are still many disagreements regarding management direction. The current debate highlights lawmakers' caution about the power and control that CBDC may bring, especially compared to existing stablecoins. Prolonged negotiations may slow the process of establishing a legal framework for cryptocurrency, affecting the development of the market and related businesses.
Which bills are affected and what are the consequences of the stalling?
In addition to the GENIUS Stablecoin Regulatory Act, several other bills expected to be voted on during 'Crypto Week' have also been indefinitely postponed. This stalling creates uncertainty for investors and cryptocurrency businesses in the U.S. as regulations remain unclear. In the long term, this could affect the U.S.'s competitiveness in the race to develop financial technology compared to other powers.
"The delays in U.S. cryptocurrency legislation could cause the country to fall behind in the global digital financial revolution."
Michael Roberts, Blockchain Finance Expert, Harvard University, 2024
Frequently Asked Questions
Why does the dispute over CBDC affect cryptocurrency bills? CBDC is directly related to national monetary control, so political debates strongly influence related legislation. What role does the GENIUS Stablecoin Regulatory Act play? The bill aims to establish a clear legal framework for stablecoins, helping to facilitate the safe development of the cryptocurrency market. What is the current plan to address the controversy? There is currently no specific solution, and parties are continuing negotiations, although progress is slow due to deep disagreements. What are the long-term impacts of this delay? The U.S. Congress could miss the opportunity to lead in cryptocurrency and blockchain development, affecting the global standing of this market. How do blockchain leaders assess this? Many experts warn that the delay undermines trust and slows the progress of financial technology innovation.
Source: https://tintucbitcoin.com/du-luat-tien-dien-tu-ha-vien-be-tac/
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