In the third week of July 2024, the US Congress defined "Crypto Week" to promote a transparent legal framework for digital assets and protect citizens' financial privacy.
This event includes reviewing three key bills aimed at guiding the sustainable development of the cryptocurrency market while preventing digital currency issuance from the central bank. Congressional leaders expect to establish a leading position for the United States in the blockchain and Web3 technology fields.
When and What is "Crypto Week" in the US Congress?
The week from July 14 is when the US Congress focuses on discussing and promoting important Bitcoin and cryptocurrency bills. Financial Services Committee Chairman French Hill and Agriculture Committee Chairman GT Thompson agreed to take a historic step to complete the legal framework for the digital asset market.
They emphasized this is a serious effort to build clear legislation for stablecoin, consumer and investor rights, and prevent digital currency issuance from central banks (CBDC) to protect citizens' financial privacy.
"After years of effort, we are moving towards important bills to establish a transparent legal framework for digital assets, protect participants, and prevent CBDC to safeguard the financial privacy of Americans."
French Hill, US Financial Services Committee Chairman, 12/2024
What are the Main Goals of the "Crypto Week" Initiative?
This initiative focuses on bringing three major bills - CLARITY Act, Anti-CBDC Surveillance State Act, and GENIUS Act - to be signed in the third week of July, aimed at shaping a favorable legal environment for US cryptocurrency businesses.
The program also protects individual privacy in digital transactions, receiving widespread support from creators, legal experts, and user communities. House Majority Leader Tom Emmer confirmed that this step helps domestic innovators promote privacy value and free competition.
How Do the New Legal Policies Promote the Development of US Cryptocurrency Businesses?
The new legal framework facilitates the issuance of USD-backed stablecoins while preventing risks associated with central bank-issued digital currencies. This is a measure to balance technological innovation and user protection.
This action not only helps US businesses enhance competitiveness but also contributes to protecting financial freedom in the digital era.
How Does "Crypto Week" Strengthen the US Cryptocurrency Leadership?
Committee Chairman Tim Scott emphasized that the initiative's goal is to affirm the US leadership in cryptocurrency innovation and protect consumers and financial freedom.
While protecting investor interests, the policy package also stimulates rapid development of Web3 businesses to maintain US global confidence and competitive advantage in Blockchain technology.
"The golden age of digital assets has arrived, and the US will lead. Passing laws on stablecoins and market structure, along with the CBDC ban, will ensure the US victory in the Web3 race."
Rep. Bryan Steil, US Congress Member, 07/2024
Comparison Table of the Three Main Bills' Impacts in "Crypto Week"
| Bill | Main Objective | Expected Impact |
|---|---|---|
| CLARITY Act | Clear definition of stablecoin and digital assets | Create a transparent legal environment for stablecoin issuance and operation |
| Anti-CBDC Surveillance State Act | Block CBDC issuance, protect individual financial privacy | Prevent large-scale financial surveillance by the state through CBDC |
| GENIUS Act | Support cryptocurrency and blockchain technology innovation | Encourage development of Web3 businesses and blockchain applications |
Frequently Asked Questions
- Crypto Week?
- Crypto Week is a specialized week of work on cryptocurrency in the US Congress, aimed at accelerating laws related to digital assets and financial privacy.
- Why is the US banning CBDC issuance in this initiative?
- To protect privacy and prevent financial surveillance by the state through central bank digital currency.
- What impact will the CLARITY Act have on the US cryptocurrency market?
- This bill helps establish clear regulations for stablecoins, creating trust and protecting investors.
- Who leads "Crypto Week" in the US?
- French Hill and GT Thompson are the two key committee chairs leading this program in the US Congress.
- What role does Web3 innovation play in this initiative?
- Web3 innovation is encouraged to develop to maintain the US's top competitive position in the global blockchain market.
