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It is the day of “Crypto Week” in the US House.
The Rules Committee heard fellow representatives on three crypto bills on Monday afternoon: Genius Act, Clarity Act and Anti-CBDC Monitoring Act.
House members then failed to pass a procedural vote on Tuesday, which will further the debate around the bills. Thirteen Republican voted against the proposal (with Democrats), reaching the final Tally to 196-223.
With the exact next stages being unclear, it is worth knowing about each possible law and what supporters and critics say:
Talented act
This is the Stabecrim-Centenary Bill that passed the Senate with bilateral support last month. It is ready to pass the house, but not everyone is happy about it.
Most Democrats that protest Bill It is argued that it fails to prevent President Trump and his family from giving profits from the USD1, with Stabelcoin World Liberty Financial.
During the Monday night’s rule committee, why would he not support an amendment that clearly prevents the President from issuing a stabechoin, Rape French Hill said Trump is not a stabecon’s issuer – but the owner of a company that released a company.
When further pressed, Hill said that the Senate had already discussed the issue (and 68 senators still voted to pass the bill).
Some dams also think that while the bill may be a step in the right direction, it decreases. The law is very weak on law and law-laundering and terrorism-funding security, the opponents insisted.
The US-based stabechoin issuers have largely fallen behind the law. Circle – Fresh from the beginning of its public market – has also applied for the establishment of a National Trust Bank to align with the policy.
For foreign issuers such as tather, the Genius comes with more hoops to jump through the Act. Bill said stablecoins are supported by cash and cash counterparts and the issuers regularly file an audited financial statements, some tithters yet to do (despite the quarterly verification report).
Clarity act
Clarity Bill What are the two main things: First, it “and defines) establishes the concept of” digital asset commodities “. Second, it divides the regulatory authority between SEC and CFTC.
The Clarity Act is slightly more controversial within the industry. This is the longest bill of all three so far, so it gives more to interested parties to fight.
One of the main issues brought by opponents of the bill is related to decentralization. Adequately decentralized blockchain – no person or individual is considered under control as a transparent chains defined in the law.
The Rules Committee on Monday allowed the bill to pursue, but the delegates will have some amendments to consider.
Anti -CBDC Monitoring Act
This is a straight. It tries to ban the central bank from issuing a retail central bank Digital Currency (CBDC) to amend the Central Reserve Act.
Supporters like privacy aspects of BillArguing that a CBDC can give a lot of access to sensitive information to the government.
Those who go against it say that the rule that established the CBDC can be placed behind other countries behind the US which are searching for technology. Democrat rape. Stephen Lynch said that the bill is “a task of breathing stupidity.”
This is a developing story. check Blockworks.co And daily forward guidance Backylator For further updates.
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