Last week it was announced by House Leadership that this week was going to be 'Crypto Week'. Both sides, when looking to pass important legislation tend to "name" the weeks in the theme of what is going to be voted on. There are three bills that the House will vote on spread across two days, Wednesday and Thursday, of this week.

On Wednesday Two bills are expected to be voted on. H.R.3633 - CLARITY Act is by far the biggest and most comprehensive bill of the three. The Act is the product of several years of work in the House of Representatives and establishes regulatory framework for digital commodities (digital assets) that rely on a blockchain for their value.

Furthermore, this bill clearly establishes the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission) position or job in regulating the growing industry. The biggest takeaway by far is that the SEC is going to "loose" its default ability to try and enforce regulation. Many many blockchains and cryptos in general are going to fall under the CFTC's jurisdiction. In my personal opinion the CFTC is much better suited for regulation because of one key and critical thing.... they already regulate markets that run 24/7 while the SEC much more a 9-5 five days a week agency.

The Senate has not committed to necessarily moving this exact bill like the House is doing with the GENIUS Act but Senators on both sides of the aisle have said they are going to quickly work to come up with something and the Admin has been hot on their heels about getting something done once the House moves it.

Arguably the "smallest" and least talked about bill is H.R. 1919 the Anti-CBDC Surveillance State Act. This piece of legislation is about as straight forward as the title says. It prohibits the Federal Reserve from offering products or services to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency. It even prohibits the Federal Reserve System from using a CBDC to implement monetary policy or from testing, studying, creating, or implementing a central bank digital currency. Unlike the two other bills this one faces an uncertain future in the Senate.

On Thursday The House is set to vote on the S. 1582 - GENIUS Act. This bill has already passed the Senate by a vote of 68 - 30 with 18 Democrats voting in favor of the legislation (Republicans Sen. Paul and Sen. Hawley voted against it) setting this bill up to be the first bill of significant crypto value to be signed into law.

The purpose of this bill is to establish regulatory framework for PAYMENT stablecoins which are defined as digital assets pegged to a fixed monetary value and primarily used for payments and settlements. Decentralized stablecoins like DAI are not directly addressed in this bill because realistically business are out there accepting USDT and USDC as forms of payment not DAI. This is HIGHLY likely to be addressed in future legislation but for getting the ball rolling they focused on what companies were already dabbling in.

If people want I can do a deeper dive into this bill and the others I talked about above let me know and I will put something together on them but I am not sure if there is interest or not!