With the enactment of the Genius Act and the launch of the Crypto Sprint program in August 2023, cryptocurrency regulation in the US enters a new era, which may lead to significant market changes.
Crypto Sprint Program: Acceleration from the CFTC
On August 1, the Commodity Futures Trading Commission (CFTC) launched the "Crypto Sprint" program, led by acting chairwoman Caroline Pham. She stated:
> "CFTC is wasting no time in fulfilling President Trump's vision to make America the crypto capital of the world. We will work closely with SEC Chairman Paul Atkins and Commissioner Hester Peirce..."
This program aims to implement the recommendations of the President's Working Group on Digital Asset Markets. The goal is to quickly convert recommendations into actionable steps: public consultation, guidance for tokenized markets, and updating outdated advisories.
Genius Act and Co-regulation
The Genius Act, effective since July 18, is the first federal framework for stablecoins, requiring 1:1 backing with safe assets as well as audit and transparency obligations. It also establishes joint oversight by state and federal authorities for stablecoin issuers.
This law complements other legislation, such as the Clarity Act or the Anti-CBDC Surveillance State Act, which is still pending in the Senate. Meanwhile, a strategic Bitcoin reserve was established by decree in early March, underscoring the growing importance of cryptocurrencies in US strategic policy.
Impact on the Cryptocurrency Market
These measures create a clearer regulatory environment. For crypto startups, funds, and ICOs, this is a strong signal for investment and increased institutional investor confidence. Since the implementation of the Genius Act, global cryptocurrency market capitalization has surpassed $4 trillion. However, observers note that global implementation will take months or even years. Some provisions in the Genius Act may not take effect until 2026.
Yet there are positive signs on the horizon: regulators are cooperating, legislation is progressing, and market players can plan their actions for the mid-term. The Crypto Sprint program and the Genius Act mark an important step toward a more structured and secure infrastructure for cryptocurrencies.
With the enactment of the Genius Act and the launch of the Crypto Sprint program, cryptocurrency regulation in the US is becoming more structured and predictable. It is important for market participants to adapt to the new conditions, which bring both opportunities and additional responsibilities.
