Partisan Clash Over Crypto Regulation Intensifies

US lawmakers are gearing up for a heated debate as House Democrats prepare to challenge Republican-led digital asset legislation. The confrontation comes as both parties schedule competing policy events next week, highlighting the deepening divide over cryptocurrency regulation.

The Legislative Showdown

Republican representatives announced plans to review three key crypto bills starting July 15, focusing on stablecoins, market structure, and central bank digital currencies. In response, Democratic leaders Maxine Waters and Stephen Lynch declared an "anti-crypto corruption week" to oppose what they call "dangerous" proposals.

——"These bills lack crucial consumer protections and national security measures," Waters stated, adding the legislation would make Congress "complicit" in former President Trump's crypto ventures——

Three Bills Under Scrutiny

The contested legislation includes:
• The GENIUS Act for stablecoin oversight
• Anti-CBDC Surveillance State Act blocking a digital dollar
• CLARITY Act establishing crypto market rules

【Notably】, the stablecoin bill already passed the Senate despite Democratic objections, while the market structure proposal faces uncertain prospects in the House.

Trump's Crypto Ties Fuel Debate

The political battle extends beyond policy differences, with Democrats highlighting Trump's reported 【$620 million】 crypto gains through ventures like World Liberty Financial. The company's USD1 stablecoin has drawn particular scrutiny as lawmakers consider regulatory frameworks.

Regulatory Authority Battle

At the heart of the market structure debate lies a jurisdictional tug-of-war between financial regulators. The House proposal would shift significant oversight from the SEC to the CFTC—a move opposed by many Democrats who favor stricter investor protections.

White House adviser Bo Hines predicted the GENIUS Act could reach the president's desk unchanged, while Senate leaders work on alternative market structure legislation targeting a September deadline.

Uncertain Legislative Future

With Republicans holding a slim House majority, the bills' passage remains uncertain. The outcome could shape not just crypto regulation but also influence the broader financial technology landscape ahead of the 2024 elections.

——"This isn't just about digital assets," Lynch argued. "It's about whether we'll allow special interests to write the rules for emerging technologies"——