The US Senate has passed two significant bills regarding cryptocurrency regulation: the CLARITY Act and the GENIUS Act. These bills define the status of digital assets and set operational frameworks.
CLARITY Act
The CLARITY Act establishes a clear framework to define whether a digital asset is a commodity or security. It sets jurisdictional boundaries between the SEC and CFTC, enforces registration standards, and introduces protections for self-custody and token delisting.
GENIUS Act
The GENIUS Act creates a federal regime for dollar-pegged stablecoins. It requires issuers to maintain one-to-one backing with liquid assets, undergo audits, and disclose their monthly reserves. The bill originally passed the Senate on June 17 with a vote of 68 to 30.
Implications and Outcomes
After overcoming procedural delays on the House floor, the GENIUS bill is now expected to pass the House imminently. These measures aim to support stability and transparency in the cryptocurrency market, having a substantial impact on regulation.
The passage of the CLARITY and GENIUS Acts may significantly influence cryptocurrency regulation in the US, providing greater transparency and protection for users and investors.
