While the fourth day of the “crypto week” starts, American democratic and republican legislators remain divided on the future of key legislation that will shape the country’s regulatory approach to digital assets.
The votes were provided for in the Clarity Act, the Genius Stablecoin Bill and the anti-CBDC law on the state of surveillance, but the progress has been slowed down by the political deadlock on the amendments, including proposals aimed at preventing government officials from negotiating cryptocurrencies.
On the fourth day of the so-called crypto week started on Thursday with American legislators in the House of Representatives debating consumers’ protections, anti-money laundering provisions, the development of a central bank digital currency, banking protection and the prevention of conflicts of interest in the executive power.
“This is an element of a multi-condemn priority, and he ensures American competitiveness,” said the French Hill representative about the Stablecoin Genius bill, while arguing that the revised version of the bill included robust consumer protections and anti-flowage provisions.
Democratic representative Maxine Waters, a frank critic of US President Donald Trump and his family participation in the cryptography sector, argued that bills do not deal with conflicts of interest in digital assets of the family. Waters said:
“This bill has a political declaration according to which elected officials such as members of the Congress and Senators, as well as representatives of the government, cannot issue their own stablecoin, but do you know who the Republicans have not prohibited? The president and the vice-president are the only elected officials who may have a cryptographic business. ”
According to the executive power of the program, approving and promoting cryptocurrencies has become a major point of pain for democratic legislators, who initially supported the complete regulation of digital assets. The loss of democratic support could threaten the adoption of bills or force concessions which are unfavorable to the cryptography industry.
In relation: Clarity Act is not perfect, but it is the bill that the Congress that we must adopt this summer
Secondary issues supported by American legislators
Although the limitation of the involvement of the executive in the sector was the most common question cited by the opposing democratic legislators, and is the subject of the revenue and non-disclosure law (corner), the National Security Act and the financial stability of the functionality of Senator Adam Schiff.
“While some of the [stablecoin] Reservations are cash and short -term cash securities, this bill allows unmarked deposits, ”said Waters.
The California legislator added that support for stablescoins with other digital assets destabilizes the financial system and can lead to banking, where the cost of bailout of institutions is borne by the American taxpayer.
Review: Bitcoin vs stablecoins.
