The House of Representatives announced that the week of July 14th will be “crypto week” in the US to discuss the considerations of the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act. The US lawmakers have said that mid-July will create a clear regulatory framework for digital assets and protect financial privacy.
US House of GOP: Crypto Week in July
On Wednesday, the House Committee on Financial Services Chairman French Hill, the House Committee on Agriculture Chairman GT Thompson, and House Leadership came to an agreement to take historic steps in efforts to make America the global crypto leader.
“After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy,” said Chariman Hill.
Aim of the ‘Crypto Week’ Initiative
- The House will push three major crypto bills (CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act) in the week of July 14th to be signed into law by President Trump.
- This move aims to provide a clear regulatory framework to facilitate growth in American businesses while embracing Americans’ right to financial privacy. The initiative follows the countless requests from numerous innovators, creators, professors, lawyers, and constituents.
- Majority Whip Tom Emmer said this move will push American innovators to reflect the values of privacy, individual sovereignty, and free market competitiveness.
Establishment of US Hegemony in Cryptocurrency
The ‘crypto week’ aims to establish America’s dominance in digital asset innovation while protecting consumers and preserving financial freedom, said Chairman Tim Scott in a statement. Apart from protecting consumers, the package also encourages the development of Web3 businesses in the US to ensure America’s dominance in blockchain technology.
“The golden age of digital assets is here, and the U.S. will lead,” said Rep. Bryan Steil. “Passing stablecoin and market structure legislation, alongside a CBDC ban, will ensure the U.S. wins the Web3 race.”
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