Today, Congressman David Valadao of California’s 22nd District issued a statement after supporting three legislative measures aimed at regulating digital assets. These are the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. The bills aim to enhance consumer protections while ensuring financial privacy and encouraging innovation in the cryptocurrency sector.
“Americans deserve financial privacy, and it’s long past time we put real guardrails in place to protect that right,” stated Congressman Valadao. He emphasized the importance of establishing a framework that promotes innovation while protecting consumers from government overreach into personal finances. “These bipartisan bills reaffirm our commitment to free markets and individual freedom, and I was proud to support them.”
The CLARITY Act seeks to create a stable environment for businesses and consumers dealing with digital assets like cryptocurrency by providing clear guidelines for companies, enhancing transparency, and delineating regulatory roles between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The GENIUS Act focuses on consumer protection through stablecoin regulation. It mandates that stablecoins be backed by secure assets such as U.S. Treasury bonds to ensure consumer safety while reinforcing the U.S. dollar’s global currency dominance.
The Anti-CBDC Surveillance State Act aims to prevent federal control over digital currency by prohibiting the Federal Reserve from launching a government-managed digital dollar that could infringe on personal financial privacy.
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