Key Highlights:
- Stand With Crypto, supported by Coinbase, advocates for clearer crypto regulations. The group also promotes the CLARITY Act during Crypto Week to drive legislative progress.
- The group cautioned that unclear regulations may drive crypto talent and innovation abroad. Regions like the UAE could benefit from this shift in industry leadership.
- The GENIUS Act has already passed the Senate and is backed by President Trump. However, it faces a major test in the House vote.
US Crypto Week celebrations will take place from July 14 to 18. The market anticipates major announcements during the event. Key highlights include the CLARITY Act, GENIUS Act, and anti-CBDC regulations.
David Sacks and his team are in focus as US lawmakers prepare to meet next week. The crypto community is hopeful for major policy updates and regulatory clarity. Furthermore, Coinbase’s crypto lobbying group, Stand With Crypto, is making the final push.
Coinbase Pushes for CLARITY Act Ahead of US Crypto Week
Stand With Crypto is a lobbying group spearheaded by Coinbase. It has backing from 65 other crypto firms across the industry. The group is pushing for passage of the Digital Asset Market Clarity Act, also known as the CLARITY Act.
This legislation aims to clarify upcoming regulations for digital assets. On Monday, July 7, ahead of the US crypto week, the group submitted a formal letter to US lawmakers. The letter emphasized the urgent need for clear rules to support innovation and protect investors.
“We know that there have been efforts to politicize crypto legislation, but with crypto drastically reshaping the global economy the U.S. risks falling behind unless we adopt pro-crypto policies that fully embrace blockchain technology”.
The CLARITY Act defines the roles of the CFTC and SEC in regulating digital assets. It aims to bring apparent oversight and coordination to the evolving crypto market.
Under the legislation, the CFTC would hold primary jurisdiction over most digital assets. On the other hand, the SEC would be responsible for regulating crypto-related securities.
The crypto advocacy group further stated that the US needs to maintain its crypto leadership. However, it added that the lack of “standardized rules” hinders institutional adoption and innovation.
Unclear crypto regulations risk driving valuable US talent overseas. Crypto-friendly regions like the UAE could attract this migrating innovation.
“We cannot afford to let inaction and uncertainty jeopardize our ability to secure America’s economic future,” it added. “Above all else the U.S. crypto industry needs market structure — which ensures there are clear rules of the road and provides the regulatory clarity that developers, users, and advocates need to continue innovating,” the advocacy group stated.
GENIUS Act Remains on Top Of The Agenda
Republican House leaders announced their intention to address key crypto legislation. This includes the CLARITY Act, anti-CBDC bill, and GENIUS Stablecoin Act. The discussions will begin during US Crypto Week, starting July 14.
The GENIUS Act aims to regulate stablecoins. It has been the top priority and has already passed the Senate vote with a 65-30 majority. Moreover, US President Donald Trump has urged Congress to pass it swiftly, ideally before the legislative recess begins in August.
As per the report, this stablecoin act will likely face resistance from the Democrats during the House vote. Thus, it will still need to pass the litmus test before the House approves it. This pushes it further for the approval of the US President.
Excitement over the GENIUS Stablecoin Act fueled a market rally for Circle (NYSE: CRCL). The USDC issuer surged following its impressive Wall Street debut last month.
The Circle stock rallied by a staggering 800% following its IPO. This also allowed several other crypto firms, like Coinbase (NASDAQ: COIN), to rally strongly on Wall Street.
Anti-CBDC Rule Coming This US Crypto Week?
As per the latest developments, US President Donald Trump favors stablecoins over central bank digital currency (CBDC). Popular market analyst Arthur Hayes also stated the Trump administration is leveraging stablecoins to unlock $10 Trillion in market capitalization.
The Anti-CBDC Surveillance State Act is set for discussion during US Crypto Week. It seeks to block the Federal Reserve from creating or experimenting with any central bank digital currency (CBDC).
The bill also aims to prevent the Fed from offering financial services directly to individuals. The Senate has also introduced an identical version of the legislation to fast-track its progress through Congress.
House Majority Whip Tom Emmer originally brought the bill during the previous congressional session. The bill successfully passed the House in May 2024 but lapsed at the end of the term.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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