What to know about the crypto regulation bills
Summary
Congress is working on passing new laws to regulate cryptocurrencies. These laws focus on stablecoins and general digital currency, assigning different government groups to oversee them.Key Facts
- Congress is creating the first laws to control the cryptocurrency industry.
- The GENIUS Act will regulate stablecoins, which are digital currencies linked to stable assets like the US dollar.
- The Clarity Act will oversee digital currencies as a whole.
- Two government agencies, the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC), will share the job of enforcing these laws.
- A discussion about the legislation included Patrick McHenry and Hilary Allen.
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