The U.S. House of Representatives has announced "Digital Currency Week" from July 14 to 18 to focus on digital asset legislation. Here’s what’s happening:
- *Key Bills*: Three key bills will be considered during Digital Currency Week:
- *Clarity Act*: Aims to establish a clear regulatory framework for digital assets, define the roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and provide guidance on classifying digital assets as commodities or securities.
- *Genius Act*: Focuses on regulating stablecoins, requiring issuers to register with federal regulators, maintain cash reserves on a 1:1 basis, and comply with anti-money laundering provisions.
- *Central Bank Digital Currency Monitoring Act*: Aims to prevent the creation of a central bank digital currency (CBDC) to protect the financial privacy of Americans. - *Goals*: The legislation aims to:
- Providing regulatory clarity for digital assets
- Protection of consumers and investors
- Promoting innovation and growth in the American digital assets sector
- Ensuring America's dominance in blockchain technology and Web 3
- Protecting financial privacy and preventing government overreach
- *Support*: Lawmakers, including Reps. French Hill, G.T. Thompson, and Tom Emmer, support these laws to make the United States a global leader in cryptocurrency. President Trump has also expressed his support for the legislation, describing Bitcoin as "incredible" and promising to make America the cryptocurrency capital of the world.
