Bank of England Considers Abandoning Digital Pound CBDC Project Amid Growing Opposition

All eyes are on the United States as “Crypto Week” has officially kicked off, further demonstrating the country’s attempts to advance digital assets. The multi-day event gives leaders in the U.S. House of Representatives an opportunity to vote on three critical bills that are expected to bolster the entire crypto sector. These three bills under consideration include the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. 🚨WATCH: Chairman @RepFrenchHill speaks at @RulesReps on the three bills as part of "Crypto Week:" ✅CLARITY Act ✅GENIUS Act ✅Anti-CBDC Surveillance State Act pic.twitter.com/VoHiAoaUt1 — Financial Services GOP (@FinancialCmte) July 14, 2025 The CLARITY Act sets the rules for when an asset is considered a security . This would also clarify whether an asset is overseen by the Securities and Exchange Commission (SEC) or considered a commodity. The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) was introduced in February. The bill passed the Senate on June 17 and sets rules for the type of entities that may issue stablecoins . The GENIUS Act establishes that “issuers must maintain reserves backing the stablecoin on a one-to-one basis” in US dollars or other similarly liquid assets. It also extends the Bank Secrecy Act to stablecoin issuers. Finally, the Anti-CBDC Surveillance State Act aims to prevent the US Federal Reserve from issuing a central bank digital currency (CBDC) . Why Crypto Week Is Historic For The U.S. While legislative efforts remain underway at the time of writing, industry experts believe that Crypto Week represents a historic moment in U.S. history. Reeve Collins, pending executive chairman of digital asset management firm ReserveOne, told Cryptonews that the U.S. has finally begun to replace uncertainty with clarity in the digital asset space. “For years, innovators and investors have navigated a fragmented regulatory environment, often worried about arbitrary enforcement,” Collins said. “Now, with landmark bills like the CLARITY Act moving through Congress, we’re on the verge of giving the industry clear rules of the road instead of red tape.” Collins added that Crypto Week is not just about crypto, but rather about the U.S. indicating to the world that it’s ready to lead in an innovation-friendly financial future. For instance, Collins believes that the three bills being discussed this week would open the door for traditional banks and fintechs to participate confidently in the digital asset sector. “This would unlock trillions in value, and position the U.S. as a global hub for digital assets.” The Importance of the GENIUS Act Denelle Dixon, executive director of the Stellar Development Foundation, further told Cryptonews that the GENIUS Act is particularly important for ensuring access to the global financial system via blockchain technology. “This bill recognizes the evolution of our financial system and the important role that stablecoins play,” Dixon said. “It creates a federal licensing regime for stablecoins that will support the dollar’s strength, fosters international coordination that puts the United States in a strong, influential position at the table, and strengthens dollar-denominated, cross-border stablecoin flows.” Most importantly, Dixon explained that the passing of the GENIUS Act would protect consumers by ensuring that stablecoins are fully backed and truly stable. “This is critical as stablecoins are projected to grow to a two trillion dollar sector before the end of the decade,” she said. Will The GENIUS and CLARITY Acts Pass? Currently, the U.S. House of Representatives has voted 215-211 to pass a procedural motion that will allow the GENIUS and CLARITY Acts, along with the Anti-CBDC Surveillance State Act, to proceed to final votes. While noteworthy, some industry experts remain skeptical that the GENIUS and CLARITY Acts will pass this week. Rebecca Liao, co-founder and CEO of Web3 infrastructure provider Saga, told Cryptonews that she believes it’s unlikely the GENIUS and CLARITY Acts will pass this week because of congressional procedures. “I’d still love to see significant headway being made moving these bills through the channels,” Liao said. She added that these bills are important for the regulatory certainty the crypto industry needs. Echoing this, Margaret Rosenfeld, chief legal officer at Everstake, told Cryptonews that passing any of the three bills under consideration would represent a watershed moment. “It would give companies like ours the legal certainty to innovate here in the US and would reassure consumers that there are rules in place to protect them,” she said. “After years of regulatory ambiguity and enforcement-driven policymaking, having clear statutory frameworks would set the stage for mainstream adoption and stronger public trust.” Challenges To Consider Although Crypto Week demonstrates crypto-friendly legislation in the U.S., a number of challenges remain. In addition to congressional procedures, Rosenfeld mentioned that the biggest challenge that may impact the passing of these bills is related to politics. “Even with bipartisan support for clearer rules, there is still deep skepticism in parts of Congress that crypto bills are too industry-friendly. We’ve already seen procedural holdups and ideological divides emerge this week,” she said. In addition, Rosenfeld noted that timing presents a challenge. “There are only a few days left in the session before Congress breaks for recess, so delays could push votes into the fall.” Future Impact of Crypto Week Yet, regardless of what is voted through this week, Crypto Week has already built unprecedented momentum, especially in the U.S. Rosenfeld believes that this week’s events will likely result in the U.S. Senate considering the market structure legislation next . “We’ll also likely see more detailed rulemaking discussions in the fall. If the stablecoin bill passes, the focus will quickly shift to implementation—establishing licensing, reserve requirements, and disclosure standards,” she added.