The U.S. House of Representatives Declares July 14 as "Electronic Currency Week"

The U.S. House of Representatives has designated the week starting July 14 as "Cryptocurrency Week" as lawmakers consider three important bills: the CLARITY Act, the State Oversight Against CBDC Act, and the Senate's GENIUS Act, in a comprehensive effort to make the United States a leading global nation in digital assets. The famous cryptocurrency trader and influencer Cas Abbe commented: "The next few weeks will truly be a bullish time for the cryptocurrency market." What will the cryptocurrency week have? Clarity in regulations is essential for digital assets. During Crypto Week, lawmakers will consider the CLARITY Act, a bipartisan bill aimed at ending years of regulatory ambiguity by clearly delineating the roles of the (CFTC) and (SEC) in overseeing digital assets. This act divides digital assets into three categories: securities, commodities, and stablecoins, granting the CFTC exclusive jurisdiction over "digital commodities" such as Bitcoin, while the SEC retains authority over securities. The act also introduces a dual registration system, allowing platforms to register with the agency most relevant to their business activities and implement robust anti-fraud measures and consumer protection. For many years, U.S. cryptocurrency entrepreneurs have faced a patchwork of conflicting regulations and uncertainty about whether their tokens are securities or commodities. The clear division of oversight between the SEC and CFTC in the CLARITY Act will provide the much-needed certainty, encourage responsible innovation, and reduce the risk of regulatory enforcement actions that have stifled growth. Support the integration of stablecoins into mainstream finance The GENIUS Act was recently passed by the Senate with bipartisan support, establishing the first comprehensive federal framework for payment stablecoins. The Act defines who can issue stablecoins, sets capital and reserve requirements, and allows both federal and state regulators to oversee issuing entities. This legislation is designed to promote innovation while ensuring consumer protection and maintaining the dominance of the US dollar in digital finance. The framework of the GENIUS Act for stablecoins provides legitimacy to dollar-backed digital assets, facilitating their integration into mainstream finance. By establishing clear rules and consumer protections, the United States can attract both institutional and retail users, strengthening the dollar's role in global digital commerce. Protecting the privacy and financial autonomy of Americans The State Surveillance Act against CBDC will prohibit the Federal Reserve from issuing central bank digital currency ( CBDC ) directly or indirectly to individuals, addressing widespread concerns about government oversight and financial privacy. By blocking the U.S. CBDC, this Act aims to protect the financial autonomy of Americans and prevent the potential overreach of authority seen in other countries. The anti-CBDC law addresses the main concerns of cryptocurrency advocates: the risk of government surveillance through a state-issued digital currency. By banning retail CBDCs, the United States will demonstrate its commitment to privacy, personal sovereignty, and free market principles. The legislative package under consideration during Cryptocurrency Week is the culmination of years of hearings, bipartisan negotiations, and industry lobbying, while also reflecting the maturation of the cryptocurrency market and the growing recognition of its economic significance.