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Crypto Regulation Update: House Votes on Landmark Digital Currency Legislation
Crypto Regulation Update – The U.S. House of Representatives has taken a landmark step toward defining the future of cryptocurrency regulation by advancing two pivotal bills: the CLARITY Act and the GENIUS Act. These measures, part of a sweeping reform effort, underwent intense debate and culminated in the longest voting session in House history, reflecting deep partisan divides and high stakes for the digital asset industry.
CLARITY Act: Bringing Regulatory Transparency to Crypto
The CLARITY Act aims to establish clear regulatory standards for the rapidly growing crypto market. Lawmakers supporting the bill believe it will provide much-needed stability and clarity for businesses and investors navigating the complex digital asset landscape. Despite bipartisan support, the bill faced pushback due to privacy concerns over potential government overreach into personal financial activities. Critics warned that without additional protections, the bill could enable unwanted surveillance.
GENIUS Act: Tackling Stablecoin Regulation
The GENIUS Act, already passed by the Senate, focuses specifically on regulating stablecoins — digital currencies pegged to assets like the U.S. dollar. This legislation is designed to protect consumers by promoting transparency and reducing risks linked to stablecoin use. By setting clear standards, the GENIUS Act aims to prevent fraud and foster a more secure environment for these digital assets within the U.S. financial system.
Anti-CBDC Bill Joins NDAA in Privacy Protection Deal
A major sticking point during the voting was the Anti-CBDC Surveillance State Act, which seeks to block the federal government from issuing a central bank digital currency (CBDC) due to fears of mass surveillance. Privacy advocates argued that without this bill, the crypto reform package would be incomplete. After intense negotiations, the House agreed to attach the Anti-CBDC bill to the National Defense Authorization Act (NDAA) — a critical must-pass bill — ensuring its protections while allowing the CLARITY and GENIUS Acts to move forward independently.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
