The US House of Representatives has adopted three new laws of laws, which have brought comprehensive regulations on digital asset markets. These bills, which are voted in the process called “Crypto Week, include important provisions on stable crypto assets, general regulation of digital assets and the Central Bank digital currencies (CBDC).
GENIUS Act and Objectives
The House of Representatives adopted the Genius Law, which was described as the first comprehensive legal framework for innovative digital asset markets, with 102 votes for 206. The GenIus expression means “Guiding and Establishing National Innovation for Us Stablecoins”. This law aims to increase consumer protection, transparency, marketing restrictions and regulatory control in the stable crypto asset market worth approximately $ 250 billion.
The draft law, which is presented to the signature of the US President, is expected to be enacted in a short time. With the transition of the Genius Law, it is aimed to eliminate legal uncertainties in the United States and to create a safer market environment.
Other Passing Drafts: Clardy and Anti-CBDC
The Assembly also approved the Clardy Law. This law aims to create a clear and applicable regulatory framework for digital assets and crypto money market. Thanks to the CLARITY law, transparency and predictability in the market are thought to increase.
Another important regulation was the Anti-CBDC (Central Bank’s anti-digital monitoring) State Law. This law aims to prohibit the US Federal Reserve to issue its own digital money and in this direction to prohibit banks from trading with CBDC. All of these bills were sent to the Senate to be evaluated.
Criticism and Different Opinions
Although the GENIUS law was accepted by a comfortable majority in the Assembly, some names took a clear attitude towards the bill. In particular, the Republican Senator Josh Hawley fell into a disagreement with his party and took a position against the bill.
“This provides a great privilege to big technology companies. It allows these companies to produce stable crypto assets without any control. I don’t understand why we need to do something like that.” – Josh Hawley
These criticisms reflect especially concerns about the position of technology companies in the market and the lack of regulatory control in consumer protection. Nevertheless, it is stated that there is a positive approach to the bill in general.
On the other hand, the US president is thought to sign the Genius law in a short time. Following this development, it is stated that the country can move to a new era in digital asset regulations.
The impact of the projects in the Senate and the regulations in the Senate continues to be a subject of curiosity in the coming period. Stakeholders in the crypto currency and digital existence ecosystem closely follow how the arrangements will change in the market.
These new laws, which are adopted in the United States, envisage the transparency of the crypto market and strengthen consumer rights. Furthermore, the possibility of the Central Bank will be prevented from the possibility of issuing digital money.
It is evaluated that these developments in legal regulations may also have effects in digital asset markets in other countries. Thus, it is pointed out that the steps taken by the US may also be decisive on global markets.
These three laws have the potential to change the direction of the crypto and digital asset market in the USA. Consumer protection, transparency, regulatory clarity and the government’s approach to new technologies are shaped. The current regulations are closely related to both investors and companies. Following future developments will continue to be important for those involved in the sector.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
