{"id":14127,"date":"2025-07-17T19:09:29","date_gmt":"2025-07-17T17:09:29","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=14127"},"modified":"2025-07-17T19:09:29","modified_gmt":"2025-07-17T17:09:29","slug":"us-legislators-remain-split-on-overarching-cryptocurrency-regulations","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/07\/17\/us-legislators-remain-split-on-overarching-cryptocurrency-regulations\/","title":{"rendered":"US Legislators Remain Split on Overarching Cryptocurrency Regulations"},"content":{"rendered":"

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As the fourth day of “Crypto Week” commences, US legislators from both the Democratic and Republican parties continue to be split concerning the future of pivotal legislation that will influence the nation’s regulatory stance on digital assets.<\/p>\n

Votes were expected on the Clarity Act, the GENIUS stablecoin proposal, and the Anti-CBDC Surveillance State Act; however, advancement has been hindered by political stalemate over amendments, including suggestions to prohibit government officials from engaging in cryptocurrency trading.<\/p>\n

The fourth day of the so-called Crypto Week began Thursday with US legislators in the House of Representatives discussing consumer protections, anti-money laundering measures, the formulation of a central bank digital currency<\/a>, banking safeguards, and mitigating conflicts of interest<\/a> within the executive branch.<\/p>\n

\u201cThis is a multi-congress priority issue, vital for American competitiveness,\u201d Representative French Hill stated regarding the GENIUS stablecoin legislation, while asserting that the updated version of the bill incorporated strong consumer protections and anti-money laundering measures.<\/p>\n

Representative French Hill urges his peers in Congress to approve the crypto regulatory proposals. Source: <\/em>US House of Representatives<\/em><\/a><\/figcaption><\/figure>\n

Democratic Representative Maxine Waters, a vocal adversary of US President Donald Trump’s<\/a> family\u2019s engagement in the cryptocurrency sphere, contended that the proposals fail to address conflicts of interest linked to the family’s digital asset endeavors. Waters stated:<\/p>\n

\u201cThis bill contains a policy declaration that elected officials such as members of Congress and senators, alongside government officials, are prohibited from issuing their own stablecoin, but do you know who Republicans didn’t restrict? The president and the vice president remain the only elected officials allowed to maintain a crypto enterprise.\u201d <\/p><\/blockquote>\n

Prohibiting the executive branch from issuing, endorsing, and promoting cryptocurrencies has become a significant contention for Democratic lawmakers, who originally supported comprehensive regulations for digital assets. The withdrawal of Democratic backing<\/a> could jeopardize the approval of the bills or necessitate concessions that may harm the cryptocurrency sector.<\/p>\n

\"Congress,
Representative Maxine Waters of California asserts that the crypto proposals do not address conflicts of interest. Source: <\/em>US House of Representatives<\/em><\/a><\/figcaption><\/figure>\n

Related: <\/strong><\/em>CLARITY Act is not flawless, but it\u2019s essential for US Congress to pass this summer<\/strong><\/em><\/a><\/p>\n

Secondary topics debated by US legislators<\/h2>\n

While restricting the Executive Branch’s role in the sector was the most frequently raised issue by opposing Democratic legislators, national security and financial stability were also discussed.<\/p>\n

\u201cAlthough a portion of the [stablecoin] reserves is in cash and short-term Treasury securities, this bill permits uninsured deposits,\u201d Waters remarked.<\/p>\n