U.S. House declares July 14 ‘Crypto Week’ in advance landmark digital asset legislation

Key Points

1. The CLARITY Act proposes a comprehensive framework to define the SEC's jurisdiction over digital assets, ending years of regulatory uncertainty.

2. The GENIUS Act focuses on establishing a regulatory framework for dollar-backed stablecoins, balancing consumer protection and innovation.

3. The Anti-CBDC Surveillance State Act seeks to prevent the Federal Reserve from issuing a U.S. CBDC, citing concerns over financial privacy and government surveillance.

4. The CLARITY Act passed the Financial Services Committee (32-19) and the Agriculture Committee (47-6), while the Anti-CBDC Surveillance State Act passed by a narrower margin (27-22).

5. If enacted, the Anti-CBDC Surveillance State Act would make the U.S. the first major economy to legislate a prohibition on a CBDC.