Bitcoin, Ethereum surge ahead of US ‘Crypto Week': House parleys on stablecoins, CBDCs, crypto regulation in focus
The office of French Hill, the US House Committee on Financial Services chairman, said in a statement Thursday that the week is ''Crypto Week' in the US House of Representatives. The House will consider the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.'
Bitcoin (BTC) touched an all-time high of $119,240.26 as of 7.47 pm on Sunday, and has since hovered close to the $1,18,000-mark. According to weekly data from crypto tracking website CoinMarketCap, BTC stood at $1,08,707.16 on July 6. The flagship cryptocurrency has gained nearly $10,000 value in one week, rising more than 9 per cent, ahead of the week of July 14. Ethereum or ETH has also gained over 17 per cent value in the past 7 days to reach a price of $3,008.22 apiece at the time of writing.
'We are taking historic steps to ensure the United States remains the world's leader in innovation and I look forward to 'Crypto Week' in the House,' Hill said in an earlier statement, adding that the House of Representatives was moving toward legislation that will create a 'regulatory framework for digital assets that safeguards consumers and investors' apart from laying down rules for stablecoin issuance and banning CBDC issuance to 'safeguard Americans' financial privacy'.
The US House of Representatives will discuss the CLARITY Act, the Anti-CBDC ACt and the US Senate-backed GENIUS Act in what is being described as a seminal moment for cryptocurrency in the US. In a series of executive orders, US President Trump announced the establishment of a Strategic Crypto Reserve and banned the issuance of Central Bank Digital Currencies (CBDCs), apart from exploring provisions for the issuance of dollar-backed stablecoins. These three aspects of the crypto currency narrative will be dealt with by the three bills listed above.
The Digital Asset Market Clarity (CLARITY) Act will lay down the framework for legal crypto exchanges offering consumer facing products with the blessing of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The Anti-CBDC Surveillance State Act bill seeks to deal a death blow to CBDCs, calling them a means to ensure citizens' privacy and prevent government snooping.
Lastly, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act bill, which has been passed by the US Senate, aims to create guardrails for the use of stablecoins or asset-backed cryptocurrencies.
'Crypto Week' is also important against the backdrop of a spate of legislations on stablecoins, from South Korea to Hong Kong, with countries promoting digital coins backed by their respective currencies. To be sure, the Bank of International Settlements, the intergovernmental platform for banking reforms and regulations, has clearly stated stablecoins pose a risk to 'financial stability and monetary sovereignty' since they 'fall short' as 'a form of sound money'.
In a one-page explainer on the Anti-CBDC Act bill, Hill said: 'President Trump understands the dangers CBDCs present and has already issued an Executive Order prohibiting federal agencies from pursuing one.
To be sure, Trump's family interests in promoting dollar-indexed crypto coins called stablecoins through World Liberty Financial (WLF) are well known. WLF is backed by the US President's sons Eric Trump and Donald Trump Jr, and son-in-law Jared Kushner. The US President has also declared incomes from business such as licensing of the TRump brand, memecoins and WLF. In May, the Pakistan Crypto Council inked an agreement with the Trump family's WLF to promote stablecoins in the country.
'We must codify this Executive Order in law by permanently banning their development, so a future administration cannot weaponise this technology against Americans,' said Hill in the one-pager.
A key aspect of the crypto push has been the emphasis on American innovation, such that blockchain provides an opportunity for the US to take leadership of the world by providing guardrails and regulation.
The CLARITY Act is a bipartisan bill that seeks to close existing regulatory gaps in the digital assets market by 'establishing a clear regulatory framework' for these assets, Hill stated.
It is aimed at 'encouraging innovation' and ensuring a regulatory environment that prevents the flight of crypto markets from America. CLARITY Act It is backed by US-based banking sector representative bodies such as the American Bankers Association as well as crypto advocacy groups, namely, the Blockchain Association and the Crypto Council for Innovation, among others.
To be sure, there have been allegations against President Trump for allegedly promoting personal interests while backing laws that promote cryptocurrency. Harvard University's professor of government Steven Levitsky described Trump's crypto dealings as a moment unlike any other, saying ' I have never seen such open corruption in any modern government anywhere,' The Guardian reported.
The $TRUMP memecoin has been promoted by the US president while in office by announcing special dinners for top buyers of the crypto coin. A similar memecoin, $MELANIA, was also launched for the First Lady of the US, Melania Trump. However, overall, the Trump administration has provided an unprecedented push to the cryptocurrency formalisation. Key Trump backers hailing from the cryptocurrency ecosystem contributed $7.5 billion to his presidential bid.
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