Congress Debates Cryptocurrency Legislation Amid GOP Favoritism Claims
The US Congress has started discussions on cryptocurrency legislation, kicking off ‘crypto week’ on Capitol Hill. Republicans advocate for digital asset bills, while Democrats criticize the move as enabling crypto ‘corruption.’ The debate, initially centered on three key bills, quickly pivoted to the Department of Defense Appropriations Act.
Key Bills Under Scrutiny
The proposed legislation includes:
- The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS)
- The Digital Asset Market Clarity Act (CLARITY)
- The Anti-CBDC Surveillance State Act
Representative Jim McGovern labeled these bills a ‘GOP crypto giveaway,’ arguing they offer insufficient investor protections.
Bipartisan Hurdles
With Republicans holding a narrow majority, bipartisan support may be crucial. Democrats, including Representative Maxine Waters and Senator Adam Schiff, highlight potential conflicts of interest tied to former President Donald Trump’s crypto ventures.
Next Steps for Crypto Regulation
Republican leaders aim to pass all three bills before the August recess. The House Committee on Rules is expected to revisit the crypto legislation shortly, with the industry watching closely.
