Crypto Legislation To Bring Regulatory Clarity: Steil

Legislation & Regulation - The House is expected to pass three major pieces of legislation related to crypto, including the Genius Act which has already passed the Senate, aiming to further the dollar's dominance [2][3] - The legislation seeks to provide regulatory clarity for Web3, protect consumers, and enable the US to compete with other countries, especially China [3] - A key focus is preventing the development and imposition of a central bank digital currency on the American people [3] - The industry believes current regulation is poor and designed for a previous era, advocating for new regulation tailored for Web3 to encourage its development in the US [6][7] - The Genius Act aims to regulate stablecoins, adding transparency through audits and ensuring governance under US laws, which the industry believes will reduce financial risks [11] Market & Industry Dynamics - The US benefited from large tech companies being domiciled within its borders during the Web2 era [5] - The US aims to win the Web3 race through a regulatory framework that protects consumers and fosters leadership in the crypto space [3][14][15] - Concerns exist regarding potential conflicts of interest related to crypto investments among individuals in Washington [13] - Donald Trump's net worth has seen changes with licensing deals and crypto ventures adding at least $620 million to his fortune [16] - Stablecoins are already significant purchasers of U S Treasuries, and the regulatory framework aims to manage associated risks [9][11]