‘Crypto Week’ Marks a Turning Point for US Cryptocurrency Regulation
The US Congress concluded a landmark legislative session dubbed ‘Crypto Week’, passing three significant bills that will shape cryptocurrency regulation in America. The GENIUS Act, now awaiting presidential approval, establishes new rules for stablecoins. It was joined by the CLARITY Act and legislation blocking Federal Reserve CBDC issuance.
Key Legislative Developments
- The GENIUS Act imposes banking-style regulations on stablecoin issuers
- The CLARITY Act shifts crypto oversight from SEC to CFTC jurisdiction
- New legislation prevents Federal Reserve CBDC development over privacy concerns
Industry Response and Next Steps
Industry leaders welcomed the progress while acknowledging remaining challenges. “These bills represent crucial steps toward regulatory clarity,” said Nathan McCauley of Anchorage Digital. The measures now move to the Senate, where their passage remains uncertain despite bipartisan House support.
Global Implications
These developments position the US to reclaim leadership in digital asset regulation. As financial centers like Hong Kong advance their frameworks, America’s actions during ‘Crypto Week’ may influence global standards for years to come.
