Illustration: Shoshana Gordon/Axios
The U.S. House of Representatives is launching a legislative push known as “Crypto Week,” with three proposed bills that could significantly influence how Americans pay, invest, and interact with digital currencies.
One of the main bills up for consideration is the GENIUS Act, focused on regulating stablecoins, digital tokens pegged to the U.S. dollar. If passed, it would establish rules for issuance and management, potentially encouraging broader adoption among retailers and financial institutions. Experts say it could accelerate the use of stablecoins for faster, lower-cost global transactions, possibly challenging traditional payment systems.
Another bill seeks to build a regulatory framework for digital asset trading, creating a pathway for crypto products to enter mainstream markets through retail brokerages. This could increase retail investor access and participation in the crypto economy.
A third proposal would block the Federal Reserve from creating a central bank digital currency, citing concerns about government overreach.
While the initiative has strong support among House Republicans, it faces opposition from some Democrats who question the implications of these changes and potential conflicts of interest. The outcome of these debates could help define the future role of cryptocurrency in everyday commerce and financial services.
