The House of Representatives is preparing for the vote on the market structure of cryptocurrencies on Wednesday and stable coins on Thursday

The House of Representatives is preparing for the vote on the market structure of cryptocurrencies on Wednesday and stable coins on Thursday


The so-called Crypto Week of the US Representative House is heading for voting in the middle of the week in which two basic legislative measures are treated that would significantly advance the status of the industry in the United States, including a kind of final parliamentary decision to regulate stable coins.

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While this last necessary coordination on the stablecoin design, known as the law on the management and establishment of national innovations for US stall coins (GENIUS Act)it would send this to President Donald Trump's desk for signing as a law, it is the larger draft – the law to clarify the digital asset market (Digital Asset Market Clarity Act) – which represents the main concern of the crypto industry.

It is expected that the legislation for creating a regulatory framework for crypto activities in the USA will vote in the plenum on Wednesday afternoon, how industry lobbyists were informed, which the Clarity Act would forward to the Senate. The House of Representatives has already come so far with a market structure law for digital assets, but the Senate was immobile in the previous congress meeting on this topic. This time, important senators give commitments to complete the work on this topic quickly.

The Clarity Act is generally expected with a significant cross -party majority. His predecessor, the Financial Innovation and Technology for the 21st Century Act (FIT21)received 71 votes from Democrats when he said goodbye. To the sector and the leading Republican legislators, enormous pressure is to gain an even greater approval for Clarity, so that the law reaches the Senate with high impetus.

While Senator Tim Scott, Chairman of the Senate's Banking Committee, has declared that the Clarity Act would serve as a template for the work of his house, the crypto lobbyist was informed that the legislators there may not be closely bound by his wording, which indicates an upcoming phase of negotiation.

On Thursday morning, according to the planning, the House of Representatives is expected to temporarily vote on Genius, the law that is supposed to set up guidelines for issuers for issuers such as circles USDC and Tethers USDT. This law has already been passed by the Senate with a broad party approval, and the MPs of the House of Representatives have agreed to take over it unchanged, which means that the legislative process would soon be completed on Trump's desk, provided that this last legislative step is successfully passed through.

According to Jessica Martinez, Senior Director of Government Relations at the Blockchain Association, the coordination series is “the most serious week for the digital-asset industry on the Capitol Hill”.

Before the voting times can be set, the house control committee meets on Monday afternoon to work out the plan. The standard committee determines the procedure, as each individual legislative procedure is treated in the plenary of the House of Representatives.

When the crypto Week runs as expected, it ends with a crypto milestone for the congress that adopt the first major crypto regulation law. As soon as Genius is law, the industry will concentrate fully on the market structure, although it is unclear how much work will be required to reach an agreement between the House of Representatives and the Senate. Senator Scott said that the Senate will have completed its work by September 30th.

“Instead of clarifying clarity, we believe that the Senate will present its own bill, but not before September,” said Ian Katz, political analyst at Capital Alpha, although he doubts that the final measure will be completed this year. “

This week, too, the House of Representatives was ready to say goodbye to a further draft law that is a digital central bank currency of the United States (CBDC) would forbid. Republican MPs have spoken out against the publication of a digital dollar through the Federal Reserve, as they fear that the USA spent could compete with the USA and that the government could open up financial surveillance opportunities to the citizens. While the Federal Government has so far not taken any significant steps towards a CBDC, legislation would prevent a future option. The House of Representatives is expected to vote on this draft law on Wednesday, although it is unclear how the prospects in the Senate are, which has so far not been present.





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Jayd Johnson

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