Well, hold onto your hats, folks! The US House of Representatives seems to have found a shortcut through the legislative labyrinth to keep the Federal Reserve from dropping a Central Bank Digital Currency (CBDC) like it’s hot. And yes, they’re doing it via a market structure bill they miraculously passed back in July, probably during a coffee break. ☕️
In a thrilling episode of “Will They or Won’t They?” aired during a Monday hearing of the House Rules Committee, a draft agenda revealed that they may add the verbiage of the oh-so-exciting Anti-CBDC Surveillance State Act – which, mind you, also squeezed through in July with a nail-bitingly narrow margin – to the Digital Asset Market Clarity Act. I mean, who doesn’t love a good mashup? Like your favorite songs, only worse! 🎶
Now, before you pop the confetti, remember that back in July, House Republicans were tossing around a similar proposal right before the GENIUS Act (because calling it the ‘Smart Act’ would’ve been too on-the-nose) aimed at regulating payment stablecoins. Apparently, some lawmakers thought it would be a splendid idea to explicitly include a ban on CBDCs within the stablecoin bill, causing the whole thing to tick along slower than a dial-up internet connection. Can you imagine? But hey, at least every single one of those bills eventually passed, accompanied by a smattering of bipartisan support. 🎉
However, whether this glorious merger of market structure and CBDC ban will achieve anything of note when it arrives in the Senate remains about as clear as mud. 🥴
Meanwhile, Republicans on the Senate Banking Committee are apparently living their own version of a soap opera, claiming that their market structure bill “built on” the CLARITY Act. However, you may want to sit down for this-it has a new title: the Responsible Financial Innovation Act. Because nothing says responsible quite like a government act with a name like that! 😏
And speaking of thrilling, Wyoming Senator Cynthia Lummis, a leading voice of the market structure bill, has been spotted saying that the banking committee intends to get this legislation passed by the end of September, with none other than US President Donald Trump possibly signing it into law by 2026. Sounds like a reasonable timeline, right? Who needs instant gratification when you have political red tape! ⚖️
Senate Democrats Offer Their Own Framework for Market Structure
Despite the Republicans controlling both the House and the Senate (it’s like watching a very slow game of chess), they might still need to sweet talk a few Democrats to get this market structure bill through the finish line. Because, surprise surprise, their slim majorities might not cut it. Who would’ve thought governing would be so complicated? 🙄
Each party’s proposals are striving to provide some clarity-like trying to explain quantum physics to a cat-for the digital asset industry. However, the Democrats are also keen on throwing in some provisions to address what they term Trump’s “undermin[ing] confidence in the broader digital asset industry,” and yes, they’re referring to his family’s crypto escapades. Oh, the irony! 🥳
As for whether Republicans plan to confront Trump’s familial mining operations-yes, we’re talking about American Bitcoin and World Liberty Financial, not to mention his personal memecoin-remains a mystery wrapped in an enigma at the time of publication. But fear not! The bill is expected to venture towards a committee vote within two weeks-better mark your calendars! 📅
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2025-09-17 01:33