U.S. Prepares for Crypto Week: Full Agenda and Top 3 Bills Revealed!

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All eyes in crypto are on Washington. For the first time, US lawmakers are rolling out a full “Crypto Week” – a series of high-stakes votes that could reshape how the digital asset market operates in the world’s largest economy. It begins July 14th. 

If these bills pass, they could bring long-awaited regulatory clarity. If they stall, the industry may be left waiting again. Either way, the outcome could directly impact stablecoins, exchanges, and the broader crypto market.

Here are the deets – dive in! 

Stablecoins Under the Scanner: The GENIUS Act

The first major bill on the table is the GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins. It’s already cleared the Senate and is now up for a House vote.

This bill focuses on tightening rules around stablecoins, a $250 billion part 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.

The bill also gives states some power to supervise certain tokens and enforces strong anti-money laundering compliance.

Not everyone in the stablecoin space is ready for this. 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.

On the other hand, players like PayPal and Ripple are better positioned. Their stablecoins, PYUSD and RLUSD, are already aligned with the proposed rules.

Who Regulates Crypto? The CLARITY Act Tries to Decide

Next is the CLARITY Act, which aims to end the confusion over who actually regulates crypto – the SEC or the CFTC.

This bill suggests 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.

While the bill has passed a few committees, it still faces a full vote in the House and Senate. Some Democrats have raised concerns, especially because of its ties to Donald Trump’s crypto interests.

The Fight Against CBDCs

The third bill is the Anti-CBDC Surveillance State Act. It 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 This Week Deliver Real Change?

There’s real momentum behind this push, but also real doubt. Some are comparing it to Trump’s “Infrastructure Week” with big promises and little delivery.

If these bills pass, the US could finally offer the kind of legal clarity the crypto market has been demanding. If not, it might be back to business as usual. 

Either way, Crypto Week is one to watch closely. We’ll keep you updated on it all, right here on Coinpedia. Stay tuned!