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Crypto Week: Will it be a Wild Ride or a Snooze Fest?

BBG News

🚨 Breaking news: Washington is about to get its crypto on! 🤯 For the first time ever, US lawmakers are dedicating an entire week to voting on crypto bills. Because, you know, the fate of the digital asset market wasn’t already dramatic enough. 🎭 It all kicks off on July 14th, so mark your calendars! 📅

If these bills pass, it could be a game-changer for the industry. But if they stall, it’s just another case of “crypto, schmypto.” 😴 Either way, the outcome will have a direct impact on stablecoins, exchanges, and the broader crypto market. So, buckle up, folks! 🚀

Now, let’s dive into the juicy details. 🤔

Stablecoins: The GENIUS Act (No, Really, That’s What It’s Called)

First up, we have the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins). Because who doesn’t love a good acronym? 🤓 It’s already cleared the Senate and is now up for a House vote.

This bill is all about tightening the reins on stablecoins, a $250 billion chunk of the crypto market. It requires that all stablecoins be fully backed by liquid assets, like US dollars or short-term treasury bills. Companies will also need to publish monthly reserve reports and undergo yearly audits. Because transparency is key, folks! 🔑

But not everyone is ready for this level of adulting. Tether, for instance, doesn’t currently meet the full criteria, as its reserves include assets like gold. 🤔 But it’s hinted at launching a new US-compliant stablecoin. PayPal and Ripple, on the other hand, are already ahead of the game. Their stablecoins, PYUSD and RLUSD, are already aligned with the proposed rules. 👏

The CLARITY Act: Because Who’s in Charge, Anyway?

Next up, we have the CLARITY Act, which aims to put an end to the confusion over who regulates crypto – the SEC or the CFTC. 🤔 It’s like a game of musical chairs, but with regulatory agencies. 🎶

This bill suggests that most crypto exchanges should be regulated by the CFTC, not the SEC. It also outlines basic rules around disclosures, customer protections, and segregation of assets. Because, you know, someone’s gotta keep the crypto kids in line. 👮

But don’t get too excited just yet. The bill still faces a full vote in the House and Senate, and some Democrats are raising concerns. 🤔 Especially because of its ties to Donald Trump’s crypto interests. 🤑

The Anti-CBDC Surveillance State Act: Because Big Brother is Watching

Last but not least, we have the Anti-CBDC Surveillance State Act. It’s like a mouthful, we know. 🤯 This bill would block the Federal Reserve from creating or testing a central bank digital currency (CBDC). 🚫

Supporters argue that CBDCs could lead to state surveillance or political misuse. The bill has already cleared the House Financial Services Committee and is now waiting for a full vote. 🤔

Will Crypto Week Deliver?

There’s real momentum behind this push, but also real doubt. Some are comparing it to Trump’s “Infrastructure Week” – all hype and no delivery. 🤦‍♀️

If these bills pass, the US could finally offer the kind of legal clarity the crypto market has been demanding. If not, it’s just another case of “same old, same old.” 😴 Either way, Crypto Week is one to watch closely. Stay tuned, folks! 📺

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2025-07-08 12:22

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