U.S. House of Representatives May Advance Three Key Pieces of Legislation During Crypto Week

According to ChainCatcher, citing The Block, U.S. Representative French Hill stated that the House of Representatives has enough votes to pass the GENIUS Stablecoin Act, the Digital Asset Market Structure Clarification Act, and a bill to restrict the Federal Reserve from issuing a CBDC. These three bills aim to establish a regulatory framework for digital assets, covering key aspects such as stablecoin reserve requirements and the division of regulatory responsibilities among institutions.

Former President Trump has previously expressed support for the GENIUS Act, which requires stablecoin issuers to maintain full reserves and mandates annual audits for major issuers. The Market Structure Act is designed to clarify the regulatory authority and responsibilities of the SEC and CFTC over cryptocurrencies.