As reported by Reuters and Barron’s, this week has already been dubbed "crypto week," as Congress is set to address three pieces of legislation directly related to the crypto industry. The Genius Act, which awaits final approval from the House of Representatives, the Clarity Act, which is expected to establish the first regulatory framework for cryptocurrency markets and clarify that these currencies are considered commodities, not securities. If the Clarity Act is passed, the crypto industry will achieve a major goal, coming under the oversight of the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC).
The third significant piece of legislation to be introduced for consideration is the Anti-CBDC Surveillance State Act, which proposes a ban on the issuance of digital currencies by the central bank and its branches, a move also considered highly positive for the crypto industry. Overall, these three bills are seen as a significant gift from the Trump administration to the crypto industry, which generously funded his campaign last year.
