It is a big week for the crypto industry, as Congress could pass a series of bills that would be the first to regulate this booming business.

Cryptocurrencies are a form of payment and an asset class which are created, used, and stored electronically.

They do not rely on any bank or government for their value.

Our Lisa Desjardin explains.

Two key bills are up for votes.

The Genius Act regulates stable coins.

What some see as the least risky digital assets because they're backed by real-world assets,

like dollars.

That would mean mainstream banks could increasingly use stable coins.

The other bill, the Clarity Act,

regulates digital currency and assets overall, splitting oversight between the Securities and Exchange

Commission and the Commodities Futures Trading Commission. To help us understand what this

legislation would do and its impact, we're joined now by two guests. Patrick McHenry is the former chair of the House

Committee on Financial Services and is now an advisor to financial companies, including some

investing in crypto. And Hillary Allen is a professor of law at American University and author

of FinTech Dystopia. Thanks to you both. Chairman McHenry, I want to start with you. Basically,

everyone wants regulation of this industry. You helped write the Clarity Act when you were in Congress,

an initial version of it, to spark innovation. But this is a very fast-moving industry, trillions

of dollars at stake. And it's confusing to a lot of Americans,

as well as increasingly tied to our economy.

My question to you is, how does this bill make sure that the industry stays in check?

Well, first, it defines what is a digital asset.

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