The US House of Representatives has passed three bills aimed at creating a better regulatory framework for cryptocurrencies. US President Donald Trump is preparing to sign an executive order.
UNN reports with reference to Coindesk and Investing.
Details
On Friday, Bitcoin surpassed the $120,000 mark in Asian trading, achieving its fourth consecutive weekly gain after the US House of Representatives approved three bills aimed at creating a better regulatory framework for cryptocurrencies.
The central bill, the GENIUS Act, passed the House of Representatives with a bipartisan vote of 308-122 after its approval by the Senate in mid-June. The bill now heads to President Trump's desk for final approval.
The GENIUS Act requires stablecoin issuers to hold high-quality dollar-equivalent reserves and undergo regular audits, and establishes oversight at both federal and state levels.
Two other bills also passed the House of Representatives:
- The CLARITY Act aims to determine whether digital tokens fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC);
- The second bill, the Anti-CBDC Surveillance State Act, prohibits the Federal Reserve from issuing a central bank digital currency without direct congressional authorization.
Addition
All of the above events signaled a unified effort during "crypto week" to change regulation in the US. The measure was approved as a "critical step towards a stable regulatory framework."
However, the package still faces hurdles. Currently, two non-stablecoin bills are being sent to the Senate for approval. So the market is still just awaiting final approval.
Recall
The US Congress on Thursday passed a decision that became a "victory" for the crypto industry - the first federal law on stablecoin regulation, paving the way for wider use of this technology in everyday finance.