This week in Washington, a critical development for the regulation of cryptocurrency occurred. The U.S. Congress has passed three new laws that could reshape the crypto industry in the country.
Three New Laws for Crypto Regulation
The first of the bills is the **GENIUS Act**, intended to regulate dollar-denominated stablecoins, imposing mandatory reserves and consumer protections. The law received **308 votes in favor and 122 against**, representing a long-awaited framework. The second bill, the **CLARITY Act**, clarifies the division of responsibilities between the SEC and CFTC for overseeing the crypto market. Finally, the **Anti-CBDC Act** outright bans the creation of a digital dollar by the Federal Reserve.
Political Tensions in Passing the Bills
The passage of these bills did not come without challenges. Nine hours of debates were necessary to overcome a procedural hurdle, during which some Republicans attempted to block the bills by demanding an anti-CBDC clause be added. President Trump enlisted skeptics to rally their support, and despite the tense negotiations, the majority ultimately aligned.
Global Reactions and Anticipated Outcomes
The crypto community has welcomed the changes but remains vigilant. It is expected that the new laws will facilitate institutional investments, reassuring both regulators and users. Voices from the industry suggest that the U.S. is strengthening its position as a leader in digital innovation, paving the way for growth in financial technologies.
The passed bills signify not only a move towards greater regulation of the crypto industry in the U.S. but also highlight the importance of this sector in the country's political and economic landscape.
