Key Insights
- U.S. House passes three major crypto bills — the Digital Asset Market Clarity Act, GENIUS Act for stablecoins, and the Anti-CBDC Surveillance State Act — to establish a federal framework for digital asset regulation.
- GENIUS Act heads to Trump’s desk for expected signature, while the Clarity Act faces a more complex path in the Senate, with lawmakers likely drawing from separate crypto frameworks.
Washington (MarketsXplora) — In a decisive step toward overhauling digital asset regulation, the U.S. House of Representatives on Thursday passed three significant cryptocurrency bills aimed at bringing clarity, control, and new rules to the fast-evolving crypto landscape.
The legislation includes the Digital Asset Market Clarity Act, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act), and the Anti-CBDC Surveillance State Act, each with implications for how the United States manages cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).
The House approved the Digital Asset Market Clarity Act in a 294-134 vote, aiming to finally define the regulatory landscape for cryptocurrencies. The bill outlines the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), mandates retail financial disclosures, and requires crypto firms to separate customer assets from corporate funds.
“This is a milestone,” said Ji Hun Kim, CEO of the Crypto Council for Innovation.
“The CLARITY Act replaces uncertainty with confidence for entrepreneurs, the broader market, and consumers. It shows that Congress can deliver thoughtful, durable policy solutions in a space too often clouded by confusion and conflict.”
The market structure bill now heads to the Senate, where its future remains uncertain. Republican senators are carving their own path, with a deadline of September 30 set by GOP leaders on the Senate Banking Committee. While the Senate is unlikely to adopt the House version wholesale, sources suggest lawmakers may incorporate key elements of the bill into future drafts.
GENIUS Act Tightens Rules on Stablecoins as Senate Approval Nears
The GENIUS Act, passed by a vote of 308-122, mandates that stablecoins be fully backed by U.S. dollars or similarly liquid assets. The bill also enforces annual audits for issuers with more than $50 billion in market capitalization and sets guardrails for foreign stablecoin issuance. Since the Senate has already cleared GENIUS, it is expected to reach former President Donald Trump’s desk before the end of the week. Trump is expected to sign it into law.
The House also narrowly passed the Anti-CBDC Surveillance State Act by a vote of 219-210. The measure prohibits the Federal Reserve from issuing a central bank digital currency directly to individuals. Though Fed Chair Jerome Powell has previously said the Fed would not pursue a CBDC without congressional approval, some lawmakers remained unconvinced.
Initial resistance from Republicans including Marjorie Taylor Greene, Chip Roy, Michael Cloud, and Anna Paulina Luna during a procedural vote on Tuesday threatened to derail the CBDC bill. Greene voiced concern that GENIUS could act as a Trojan horse for a digital dollar. However, legislators clarified that the GENIUS Act does not authorize the Fed to issue a CBDC. A compromise was reached by incorporating the CBDC ban into the upcoming National Defense Authorization Act (NDAA)—a must-pass bill—according to Rep. Tom Emmer.
Meanwhile, some Democrats have raised red flags over both Clarity and GENIUS. Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, criticized the bills as enablers of crypto exploitation.
“These bills are a gift-wrapped invitation for Trump to continue his full-scale crypto con,” Waters said at a press conference on Wednesday.
Criticism was also leveled at former President Trump’s extensive involvement in the digital asset space. Bloomberg estimates Trump and his family have profited around $620 million through ventures including World Liberty Financial DeFi, the TRUMP and MELANIA memecoins, and a 20% stake in American Bitcoin, a mining firm poised to go public.
While the GENIUS Act appears set for enactment, the Clarity Act faces a tougher road. Insiders believe the Senate will instead work off prior frameworks developed by Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), rather than adopt the House version in full.
Beyond Congress, the decentralized finance (DeFi) community is keeping a wary eye on the potential consequences of federal preemption under the Clarity Act. Critics warn that centralized exchanges would benefit from clear federal registration pathways, while decentralized platforms could be subjected to a confusing patchwork of state laws and inconsistent enforcement.