US Lawmakers Kick Off ‘Crypto Week’—What You Need To Know

Key Points

1. The House of Representatives is advancing three major crypto bills during 'Crypto Week': the GENIUS Act (stablecoin regulation), the Anti-CBDC Surveillance State Act (banning Fed-issued retail CBDCs), and the CLARITY Act (crypto asset classification).

2. The GENIUS Act, already passed by the Senate, requires stablecoin issuers to back coins with reserves and publish monthly reports; it could soon reach the President for signing.

3. The Anti-CBDC Surveillance State Act prohibits the Federal Reserve from using a CBDC for monetary policy or issuing retail CBDCs, but lacks Senate support to overcome a filibuster.

4. The CLARITY Act categorizes crypto assets into securities, commodities, and stablecoins, but has not yet been introduced in the Senate.

5. Democrats criticize the GOP-led bills as 'Anti-Crypto Corruption Week,' arguing they pose risks to financial stability.

6. The legislative push coincides with Bitcoin hitting a new all-time high above $121,000 and a broader crypto market rally, with optimism about regulatory clarity by 2025.