US House Financial Services Chair “Confident About Passing 3 Major Cryptocurrency Bills”

Us Congress Opening A New Era Of Cryptocurrency (Source: CoinGape)

French Hill, Chairman Of The Us House Financial Services Committee, Expressed Strong Confidence In The Passage Of Three Key Cryptocurrency-related Bills: The Genius Act, The Market Structure Bill, And The Central Bank Digital Currency (CBDC) Ban Act.

In An Interview With CNBC On The 15th (Local Time), Chairman Hill Stated, “I Believe We Have Secured The Support Needed For A Vote In The House Plenary,” Adding, “In The Past, We Failed To Secure A Majority In The First Procedural Vote, But The Situation Has Changed.”

Earlier, These Bills Failed To Secure A Majority In A Preliminary Vote Before Being Presented To The Plenary, Resulting In An Initial Rejection. However, Chairman Hill Explained That Republican Cohesion And Changing Positions Among Some Democratic Lawmakers Have Given The Push A Green Light.

These Bills Are Considered Key Legislation That Could Lay The Foundation For Cryptocurrency Market Regulation In The Us.

In Particular, The Genius Act Establishes Issuance Standards For Stablecoins, The Market Structure Bill Adjusts Regulatory Authority Between The SEC And The CFTC, And The CBDC Ban Act Includes Measures To Restrict The Federal Reserve From Directly Issuing Digital Dollars Or Engaging In Transactions Directly With Consumers.

The Industry Sees The Outcome Of These Bills As A Significant Watershed In The Institutionalization Of The Us Cryptocurrency Market.