Key Democrat Breaks Ranks, Urges Party to Pass Crypto Bills to End “Wild West”

Key Points

1. Josh Gottheimer, a Democrat from New Jersey, is pushing for the passage of crypto bills like the GENIUS Act and the Clarity Act to end the unregulated 'Wild West' state of the crypto market.

2. The GENIUS Act focuses on stablecoins, requiring issuers to back them with assets and comply with AML and KYC regulations.

3. The Clarity Act aims to categorize tokens and cryptocurrencies under either the SEC (securities) or the CFTC (commodities) to provide regulatory clarity.

4. The Anti-CBDC Surveillance State Act would prohibit the Fed from launching a US central bank digital currency (CBDC), potentially benefiting decentralized cryptocurrencies like Bitcoin.

5. Passing these bills could lay the groundwork for US competitiveness in the crypto market, with institutions like BlackRock and JPMorgan benefiting from clearer regulations.