The Node: Landmark Crypto Legislation on the Horizon

The U.S. House of Representatives is poised to consider three pivotal crypto bills in the coming days: the GENIUS Act, the Clarity Act, and the Anti-CBDC Act. The GENIUS Act, which has already cleared the Senate, aims to establish a regulatory framework for stablecoins, potentially becoming the first crypto-focused legislation to be enacted into federal law. Meanwhile, the Clarity Act seeks to define clear jurisdictional boundaries between the SEC and CFTC in regulating digital assets, a long-awaited development for the crypto industry. According to Katherine Dowling, general counsel at Bitwise, this legislation is crucial for the industry's growth. The Anti-CBDC Surveillance State Act, on the other hand, proposes to prohibit the creation of a U.S. central bank digital currency, citing concerns over potential surveillance and erosion of individual freedoms. All three bills are expected to pass the House with bipartisan support, marking a significant victory for the crypto industry. While the bills may not be perfect, Dowling believes that even an imperfect framework will help dispel regulatory ambiguity and facilitate the operation of crypto companies in the U.S. The progress of these bills reflects a notable shift in Washington's attitude towards crypto, which has evolved rapidly since the re-election of Donald Trump and the departure of former SEC Chair Gary Gensler.