US lawmakers are divided on key legislation during “Crypto Week.” Gridlock on amendments has slowed progress on the Clarity Act, GENIUS stablecoin bill, and Anti-CBDC Surveillance State Act. Debate includes consumer protections, anti-money laundering, CBDC development, banking protections, and conflicts of interest prevention.

Representative French Hill pushes for passing the GENIUS stablecoin bill, emphasizing consumer protections and anti-money laundering measures. Meanwhile, Democratic Representative Maxine Waters criticizes the bills for not addressing conflicts of interest regarding the Trump family’s involvement in the crypto sector. Waters highlights issues with the executive branch’s role in promoting cryptocurrencies.

Opposing Democratic lawmakers focus on limiting the Executive Branch’s involvement in the crypto sector. Senator Adam Schiff introduces the Curbing Officials’ Income and Nondisclosure Act to address this issue. National security and financial stability concerns are raised, with worries about backing stablecoins with digital assets destabilizing the financial system and risking a bank run.

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1. Bitcoin’s price reaches new all-time high of $60,000 as demand surges among institutional investors. The cryptocurrency market sees a total market capitalization of over $1 trillion.

2. Ethereum’s price breaks $2,000 for the first time, driven by DeFi and NFT boom. The blockchain network’s market capitalization surpasses $200 billion.

3. Tesla announces purchase of $1.5 billion worth of Bitcoin and plans to accept the cryptocurrency as payment. CEO Elon Musk’s endorsement sends Bitcoin prices soaring.: US Lawmakers Remain Divided on Comprehensive Crypto Regulations