Crypto Week Begins US Parliament Debates Three Major Bills

In Washington, the fate of digital assets in the United States is being decided during a pivotal parliamentary session known as “Crypto Week.” Starting July 14, three major bills are set to be debated, each with the potential to significantly reshape the regulatory landscape for cryptocurrencies. These bills include the CLARITY Act, the GENIUS framework for stablecoins, and a bill opposing the issuance of a digital dollar (CBDC).

The CLARITY Act aims to modernize the regulatory framework for cryptocurrencies by replacing the outdated Howey test with a recognition of “mature” blockchains. This shift would delegate authority to the Commodity Futures Trading Commission (CFTC) and treat cryptocurrencies as commodities rather than securities. While this semantic change could break down regulatory barriers, it has faced criticism from figures like Elizabeth Warren, who warns of potential havens for tech giants and reduced transparency. Despite the opposition, the momentum for the CLARITY Act is growing, supported by open letters and campaigns from entrepreneurs.

The GENIUS Act focuses on stablecoins, seeking to transform them from experimental assets into a standard. The bill imposes reserves, demands transparency, and aims to make stability a core value. The Senate has already shown bipartisan support for this initiative, envisioning a future where the dollar is strengthened by blockchain technology. However, concerns remain about the potential impact on the bond market, the Treasury’s influence, and the role of central banks. The GENIUS Act aims to outline a new economic pact but must first convince stakeholders that it does not fracture the existing financial system.

The third bill, proposed by Republican Tom Emmer, opposes the issuance of a digital dollar by the Federal Reserve. Critics of the CBDC view it as a tool for state surveillance, while supporters argue that its absence could leave the field open to China’s digital yuan and global monetary ambitions. This ideological debate reflects deeper fractures within the United States regarding cryptocurrencies, with tensions rising between the fear of control and the fear of falling behind. Congress is grappling with whether to embrace innovation or maintain regulatory control, highlighting the political nature of the decision.

As these bills move forward, the mere fact that they are being debated signals that cryptocurrencies are no longer seen as a mirage or a threat but as a legitimate matter for legislation. Some view this as a Faustian pact between politics and venture capital, while others see it as the emergence of a new order where blockchain technology becomes a cornerstone of the financial system. Regardless of the outcome, cryptocurrencies continue to evolve, slipping between regulatory lines and forging their own path.

In the background, the market has already spoken, embodying the promise of cryptocurrencies before the law has been enacted. As legislators debate behind closed doors, the digital asset landscape continues to develop with irresistible force, marking a new world emerging between the old order and source code.