Mapping this ‘Crypto Week’ as U.S. Congress debates the future of stablecoins

Key Points

1. The U.S. House of Representatives is advancing two major legislative proposals: the CLARITY Act and the GENIUS Act, aimed at providing regulatory clarity for stablecoins.

2. Jag Kooner of Bitfinex suggests that regulatory progress could boost institutional sentiment and bring sidelined capital back into the crypto market.

3. Representative Maxine Waters expresses concerns about industry influence on the bills, comparing potential impacts to the Leach-Bliley Act of 1999.

4. Julia Demidova of FIS notes rapid growth in stablecoin interest, while Nic Puckrin highlights the current duopoly of USDC and another stablecoin in the market.

5. Bitcoin recently hit a new all-time high of $122,000, with significant transaction volume, indicating heightened market activity alongside legislative developments.