The US Congress has achieved a historic vote by advancing two important cryptocurrency bills, potentially shaping the future of digital assets in the country.
GENIUS Act as a Cornerstone of US Crypto Strategy
The GENIUS Act is a cornerstone of the US crypto strategy. It aims to regulate stablecoins, provide clearer rules for digital assets, and boost innovation in the sector. Supporters believe it could create a safer and more transparent framework for crypto businesses and users alike. Importantly, the bill includes language stating that it *does not* expand the Federal Reserve's power to issue a CBDC, addressing some concerns within the Republican ranks. Former President Donald Trump has publicly backed the GENIUS Act and is eager to sign it into law before the end of the week.
CBDC Controversy Slows but Doesn’t Stop Crypto Progress
Even though the GENIUS Act isn’t open to changes right now, Republican lawmakers didn’t give up their fight against a US CBDC. They argue that a government-backed digital currency could be a surveillance tool, undermining privacy and financial freedom. In response, House leaders promised to add anti-CBDC provisions to the CLARITY Act and the forthcoming NDAA bill. This was enough to sway the holdouts. The Anti-CBDC Surveillance Act, introduced separately, also seeks to block the Federal Reserve from launching a CBDC without congressional approval.
CLARITY Act: New Rules for Crypto Markets
The CLARITY Act is another significant win for digital assets in the US. Designed by top House Republicans, it sets clearer rules for how crypto markets should operate. This includes defining what counts as a security versus a commodity and laying out how crypto companies must comply with federal law. The bill is seen as a response to years of confusion and legal fights involving regulators like the SEC.
Attention now turns to the Senate and the White House. If both the GENIUS Act and CLARITY Act become law, the US could finally enter a new phase of digital asset regulation with strong protections against CBDCs and new pathways for responsible innovation.
