US Democrats push back on digital asset bills with ‘anti-crypto corruption week’

Key Points

1. House Republicans announced 'crypto week' to consider three digital asset bills, including the GENIUS Act, Anti-CBDC Surveillance State Act, and CLARITY Act.

2. Democratic leaders, including Stephen Lynch and Maxine Waters, oppose the bills, arguing they enable corruption and lack sufficient regulatory safeguards.

3. The GENIUS Act, which regulates stablecoins, has passed in the Senate, while the CLARITY Act aims to establish a digital asset market structure.

4. White House crypto adviser Bo Hines expects the GENIUS Act to pass without amendments, but market structure legislation may shift focus to the Senate.

5. A market structure bill would clarify regulatory roles for the SEC and CFTC over digital assets, with House Republicans pushing for faster adoption.