Editor's PiCK
US White House Crypto Czar Hints at Progress in GENIUS and CLARITY Acts during 'Crypto Week'
Summary
- The US White House Crypto and AI Czar announced the opening of 'Crypto Week' and signaled progress for the GENIUS Act and CLARITY Act.
- "GENIUS Act" contains standards for the issuance and operation of stablecoins, while the "CLARITY Act" clarifies the legal classification of virtual assets and the division of authority among regulatory agencies.
- If the progress of these two key bills accelerates, it is expected that regulatory changes in the US crypto market will become a major variable for investors.
David Sacks, the US White House Crypto (cryptocurrency) and Artificial Intelligence (AI) Czar, has hinted at the official opening of 'Crypto Week.'
On the 4th, Sacks said on X (formerly Twitter): "Congratulations to President Trump, Congressional leadership, and White House staff," praising their "historic achievements in border security, tax cuts, welfare reform, and deregulation." He added, "Now, next is Crypto Week. The stablecoin bill, the GENIUS Act, is heading to the President's desk, and the market structure bill, the CLARITY Act, is going to the Senate."
Previously, the US House of Representatives officially designated the week including July 14 as 'Crypto Week' and announced plans to process three key bills: CLARITY, GENIUS, and CBDC Prohibition Acts.
The GENIUS Act sets out standards for the issuance and operation of dollar-backed stablecoins, while the CLARITY Act clarifies the legal classification of virtual assets such as securities and commodities, and separates the jurisdiction of regulatory organizations. The CLARITY Act is an amendment to the 'FIT21' introduced in 2023, focusing on restructuring market regulation.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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