Next Week To Make US The Crypto Capital, Says Bo Hines

The crypto community is holding its breath as ‘Crypto Week’ kicks off in the US. Major legislative milestones are on the horizon, with key bills advancing to their next stages. According to Bo Hines, US Director of Digital Assets, the upcoming week is pivotal in realizing the country’s ambition to become the crypto capital.

Time to make America the Crypto Capital- Bo Hines

In his latest X post, Bo Hines, the Executive Director of the President’s Council of Advisers on Digital Assets, shared insights on the significance of the upcoming week. Hines posited that key bills like the GENIUS and CLARITY Acts are on the path to significant legislative progress. He noted,

Huge week ahead — it’s Crypto Week in the House! GENIUS heads to the President’s desk. Clarity moves to the Senate. Time to make America the Crypto Capital of the World.

Last week, CoinGape reported that the US House has declared July 14 to July 18 as Crypto Week. Reportedly, lawmakers are expected to examine major crypto bills, including the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act, next week. Chairman French Hill announced,

We are taking historic steps to ensure the United States remains the world’s leader in innovation and I look forward to ‘Crypto Week’ in the House…we are advancing…rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy.

In strong opposition, Representatives Maxine Waters and Stephen Lynch are leading an effort to unite House Democrats against the GENIUS and CLARITY Acts, introducing ‘Anti-Crypto Corruption Week‘ to counter their counterparts.

Experts Believe Key Bills Will Establish US Dominance In Crypto

Interestingly, the GENIUS Act is poised to become the country’s first-ever stablecoin law. Having already cleared the Senate, this landmark bill brings a pioneering federal framework for payment stablecoins, covering issuance, regulation, and oversight, to provide clarity and protection while fostering innovation. If signed into law next week, the GENIUS Act would mark a historic milestone in the evolution of US crypto regulation.

Meanwhile, the CLARITY Act, or the Digital Asset Market Clarity Act, intends to introduce a clear regulatory framework for cryptocurrencies, defining the oversight roles of the SEC and CFTC.

Sub-committee Chairman Bryan Steil stated, “The Golden Age of digital assets is here. …The CLARITY Act will unleash innovation and ensure U.S. dominance in digital assets while protecting consumers from fraud.”

At the same time, the Anti-CBDC Surveillance State Act seeks to prevent the introduction of a CBDC in the US, effectively blocking its potential launch. Chairman McHenry stated, “This bill is straightforward. It halts unelected bureaucrats from issuing a central bank digital currency, or CBDC, that would be detrimental to Americans’ right to financial privacy.”

✓ Share:

Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.

Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.

Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.