Fate of crypto, CBDC bills unclear as US Congress heads into recess
Main Idea
The fate of several crypto and CBDC-related bills in the US Congress remains uncertain as lawmakers prepare for recess, with some bills advancing while others face challenges.
Key Points
1. The GENIUS Act, a bill to regulate payment stablecoins, was passed and signed into law by President Trump, with support from most Republicans and some Democrats.
2. Two other bills, the CLARITY Act and the Anti-CBDC Surveillance State Act, are still pending and face uncertain futures as Congress heads into recess.
3. Republican lawmakers have framed their crypto-related efforts as bipartisan, though the GENIUS Act signing was predominantly attended by Republicans and Trump allies.
4. The Senate has yet to vote on the nomination of Brian Quintenz to chair the CFTC, with potential delays due to committee issues, leaving the agency understaffed.
5. The anti-CBDC bill faces opposition, with only two Democrats supporting it, and concerns that the GENIUS Act could indirectly enable a US digital dollar.
Description
Lawmakers are expected to break in a matter of days, but there are still items on the legislative agenda to address, including two crypto bills passed by the House.
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