A Highly-Anticipated ‘Crypto Week’ in the House of Representatives
In an unprecedented move, the U.S. House of Representatives has declared the week of July 14-18 as ‘Crypto Week’. This announcement has sparked serious attention, particularly among those interested in digital assets such as cryptocurrencies and stablecoins, which are anticipated to be in the spotlight during this week.
Potential Passing of the GENIUS Act
The most eye-catching element of the upcoming ‘Crypto Week’ is the expectation that representatives will vote on the much-debated GENIUS Act. If passed, this piece of legislation would provide private companies with the legal framework to issue stablecoins. A stablecoin is a specific type of cryptocurrency whose value is directly tied to a state-issued currency, most commonly the U.S. dollar. The GENIUS Act stipulates a one-to-one backing of stablecoins with liquid cash by the companies issuing them.
A Rising Interest in Stablecoins
In recent years, stablecoins have attracted significant corporate interest. Retail giants such as Walmart and Amazon are reportedly exploring the possibility of launching their own stablecoins. As a new payment option for consumers, the introduction of stablecoins could potentially revolutionize the payments landscape. Experts suggest this move could enable retail behemoths to dramatically reduce the hefty credit transaction fees charged by financial services companies such as Visa and Mastercard.
The GENIUS Act: Potential National Implications
If passed, the GENIUS Act would garner national attention as it would be sent to the desk of President Donald Trump. Last month, the Senate passed the bill with a significant 68-30 majority. President Trump, who is openly pro-crypto, has expressed his endorsement of the bill on Truth Social, stating that it would render America the undisputed leader in digital assets. Further fueling this narrative is the fact that Trump has a stake in the financial company World Liberty Financial, which recently launched its own stablecoin, the USD1.
Examining the Digital Asset Market Clarity Act
In addition to the GENIUS Act, the House of Representatives is also considering the Digital Asset Market Clarity Act. This proposed legislation aims to establish a comprehensive framework for the regulation of cryptocurrencies. This regulatory model would involve two prime financial entities: the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Act has attracted backing from major players in the crypto industry, including Coinbase Global, which has run a sizeable ad campaign supporting the Act’s passage.
The CBDC Anti-Surveillance State Act: A Potential Game Changer
The ‘Crypto Week’ is also expected to include discussions on the CBDC Anti-Surveillance State Act, which seeks to prevent the Federal Reserve from issuing any central bank digital currency (CBDC). This proposed legislation, if passed, could significantly impact the trajectory of virtual currencies in the US.
Bitcoin’s Steady Rise
Meanwhile, Bitcoin, the world’s leading cryptocurrency, continues to perform strongly. Just in the past few months, its value has surged dramatically from below $80,000 in April to over $110,000 this week. The robust momentum of Bitcoin exemplifies the growing prominence and acceptance of cryptocurrencies, further underscoring the significance of the upcoming ‘Crypto Week’.
This illuminating exploration into the intricacies of the upcoming ‘Crypto Week’ reflects the rapidly evolving crypto landscape within the U.S. Christian leaders, policymakers, and stakeholders are progressively recognizing the potential and implications of digital assets, prompting exhaustive discussions and policy developments. As we move forward, these landmark legislations could have lasting impacts on the digital economy and beyond.
