The American Congress concluded its crypto week with the adoption of the Act on Engineering and sends other bills to the Senate after successful votes and no deliberation.
The American cryptography industry was jubilant while the House of Representatives adopted the Act on Engineering – the flagship bill for the stablecoin of the industry – and sent it to the president’s office for its signature. The StableCoin bill has received bipartite support after several revisions cycles.
The Chamber also adopted the Clarity Act, the long -awaited bill on the structure of the market defended by the blockchain industry, as well as the Tom Emmer republican bill which would prohibit the Federal Reserve from issuing a digital currency of the Central Bank (CBDC).
The last two bills will go to the Senate, where the more thin republican majority could mean more deliberations and amendments before being adopted.
The Crypto Week puts an act of genius on the office of President Trump
The National Innovation Guidance and Establishment Law for Stablescoins (Engineering) is now heading for the White House, where US President Donald Trump should sign it at 2:30 p.m. on Friday.
The law comes into force 18 months after Trump has reported, 120 days after “federal primary federal payment regulators” (that is, the US Treasury and the Federal Reserve) publish the final regulations implementing the Act on Engineering.
Once in full effect, stablecoin problems will be bound by a number of standards, including strict reserve requirements and the subject of the bank’s secrecy law.
Logan Payne, a lawyer focused on the Winston & Strawn crypto, previously told Cointtelegraph that Genius would force many American transmitters to become banks.
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Stablecoin issuers under the Act on Engineering are limited only to this activity. However, most American Stablecoin issuers already offer more services than simply doing stablescoins. According to Payne, they will want to continue a banking charter, which allows them to emit stages “more a wider range of activities, but without having to obtain state licenses to state”.
The cryptography industry did not obtain everything he wanted in the Genius Act. The CEO of Coinbase, Brian Armstrong, was categorical, that the legislators include a provision for stable issuers to provide interest on the stablecoin reserves of customers.
Armstrong argued that “Onchain’s interest democratizes access to the rate of return on the market rate, giving regular people a helping hand to maintain and increase their wealth”.
However, the final version of the bill does not make such a provision.
In addition, three years after the signing of the bill, no foreign foreign transmitter which is not approved in the United States will be able to offer stablecoin in the country. There are a few sculptures, for example, if the US Treasury believes that the country of origin of the Stablecoin issuer has a regulatory regime comparable to the United States.
Will the Senate give the clarity of the cryptographic industry?
The law on clarity and the law on the state of anti-CBDC surveillance of EMMER is now heading to the Senate.
The Clarity Act will offer “digital products on mature blockchains” an exemption from the 1933 securities law and reintegrate the regulatory jurisdiction over the Crypto of Securities and Exchange Commission (SEC) at the Commodity Futures Futures Trading Commission (CFTC).
The law benefited from a large part of bipartite support in the House of Representatives despite a “campaign of the week of anti-Crypto corruption” among some Democrats in the Chamber.
Many cryptographic criticisms at Congress believe that bills have not been changed sufficiently to respond to concerns about corruption and ethical violations, in particular because it concerns the personal cryptography affairs of President Donald Trump.
However, the Clarity Act had relatively bipartite support in the House, 78 Democrats voting in favor of the measure.
The Democrats of the Senate who also supported the Act on Engineering could be willing to vote with their republican opponents on the law on clarity despite the vocal criticism of the bills of crypto-skeptical democrats in the Senate, such as Senator Elizabeth Warren.
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The vote on the anti-CBDC bill was closer, reflecting a more partisan fracture on the question of whether the Fed should be prevented from issuing a digital dollar. The sponsor of the bill repeated the usual criticism of the CBDC in an announcement on Thursday, calling it “an insidious technology, which would undermine our values and would destroy the right of Americans to privacy”.
However, if only a few Senate Democrats vote for the bill, which is not impossible given that a recent survey of the Cato Institute revealed that 22% of the Democrats oppose a CBDC, the bill could have a chance to pass.
Optimistic cryptic industry
Even with modifications and warnings, the three bills would represent a windfall for the cryptography industry in the United States and the start of the complete integration of crypto in the country’s financial system.
Cryptographic leaders are optimistic. Nathan McCauley, CEO and co-founder of Digital Anchorage, said about the Clarity Act: “Knowing what assets are titles, which are basic products, and why this distinction is fundamental for market transparency and the integration of crypto in traditional finance.”
James Harris, CEO of the Société de Société de Loan at Crypto Tesseract, said that pro-Crypto laws in the United States have the opportunity to influence laws abroad: “Politics are often fans of the United States around the world.”
“The United States is looking to recover the leadership of digital assets, and the United States will always be the largest market if it succeeds. Delays will yield the advantage to water and Hong Kong,” he said.
With more politicians who swung the pro-Crypto, if these bills will adopt seem rather a question of “when” than “if”.
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