The bills up for debate as ‘Crypto Week’ continues

Key Points

1. The GENIUS Act addresses stablecoin regulation, requiring them to be backed by cash, but faces criticism for being weak on anti-money laundering measures.

2. The CLARITY Act defines 'digital asset commodities' and divides regulatory authority between the SEC and CFTC, sparking controversy within the industry.

3. The Anti-CBDC Surveillance Act aims to prevent the issuance of a central bank digital currency (CBDC), with proponents citing privacy concerns and opponents calling it impractical.

4. A procedural vote to advance the bills failed, with a final tally of 196-223, leaving the next steps unclear.

5. The debate reflects ongoing tensions in crypto regulation, balancing innovation with compliance and privacy concerns.