Recent votes in the US Congress paved the way for new legislation regarding stablecoins and crypto regulation. The GENIUS and Clarity Acts aim to establish clear frameworks for the digital asset market.
Vote on the GENIUS Bill
The GENIUS Bill, aimed at creating a clear legal framework for stablecoin issuance, passed a procedural vote with a result of 215 to 211. It is expected to be presented to President Donald Trump for approval later this week.
Features of the Clarity Bill
The Digital Asset Market Clarity Act (Clarity) is also advancing in Congress and seeks to define the roles of the SEC and CFTC in regulating crypto. Another bill under consideration would prohibit the Federal Reserve from launching a Central Bank Digital Currency (CBDC) for retail use.
Political Reactions to the Bills
No Democrats supported the proposed measures, indicating a sharp partisan divide on the issue. Representative Maxine Waters described the bills as dangerous, accusing the Trump administration of attempting to incite "crypto fraud."
The GENIUS and Clarity Acts have the potential to significantly alter the stablecoin and cryptocurrency regulatory landscape in the US. The political divide highlights the importance of this legislative process, emphasizing the need for clear rules in the innovative sector.
