The regulatory process for the US digital asset market is accelerating.
The White House Digital Asset Market Task Force is scheduled to release its first cryptocurrency policy report on July 22nd.
The report can include regulatory and legislative recommendations and proposals to establish national digital asset reserves and provide fair access to banking services for crypto companies.
This development comes as the Senate is bolstering its efforts to reform the crypto market.
Calendar changes after the passage of the “one big beautiful” budget bill have left the US House of Representatives bored this week, but the Senate has updated its focus on crypto assets.
On Wednesday, the Senate Banking Committee held a hearing on the development of a $3 trillion regulatory framework for the digital asset industry, with the Market Structure Bill expected to be released later in the week.
The draft is expected to combine the 2023 Lummis-Gillibrand Responsible Financial Innovation Act with the clear provisions introduced in the House of Representatives. The Senate Agriculture Committee will also play a major role in this process, and will soon hold its own hearing.
Next week, all eyes will be in the House of Representatives, where the House will vote for the stubbcoin regulating genius law, clarification act, and CBDC surveillance national law passed by the Senate.
The genius is expected to go to President Donald Trump’s desk without changing it. The Trump administration is demanding that the bill be handed out “cleanly” and means without any additional restrictions.
The anti-CBDC bill will be voted separately by House Majority Leader Tom Emmer. The bill aims to block the Fed from developing digital currency. On the other hand, Genius behaviour includes similar languages aimed at restricting the Fed’s authority.
The cryptocurrency tax could return to the agenda next week, with the House of Representatives Tax and Expenditure Monitoring Subcommittee trying to reschedule a previously postponed hearing on digital asset taxation.
*This is not investment advice.
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