- U.S. lawmakers have passed the GENIUS Act, the Anti‑CBDC Surveillance Act, and the Digital Asset Market Clarity Act
- The GENIUS Act has cleared both chambers and now awaits the President’s signature
- The other two bills have moved forward to the Senate, advancing broader crypto reform
Congress has taken a decisive step toward reshaping the American crypto landscape, passing three major bills aimed at regulating stablecoins, drawing clear jurisdictional lines for digital assets. The approvals also prevent the Federal Reserve from launching a government-backed digital dollar, marking a huge victory for privacy advocates. While the GENIUS Act now heads to the White House for final approval, the others face a more uncertain path through the Senate, where they could still be blocked.
A Unified Push for Crypto Policy
In what industry watchers have dubbed “Crypto Week,” the House of Representatives passed a trio of cryptocurrency-related bills on July 17, culminating months of bipartisan negotiations. The GENIUS Act, which has already cleared the Senate, now awaits President Trump’s signature and seeks to regulate stablecoin issuers by imposing reserve, audit, and transparency requirements under a hybrid federal-state regime.
The GENIUS Act, introduced by Sen. Bill Hagerty (R-TN), passed the Senate with a 68–30 vote and then cleared the House with strong bipartisan support, drawing 308 votes in favor, including over 200 Republicans and 100 Democrats. The bill introduces strict oversight for stablecoin reserves and auditing procedures, and allows both federal and state regulators to license issuers, a move intended to balance innovation with consumer protection.
Many in the sector view the GENIUS Act in particular as a necessary move to integrate stablecoins into the broader financial system, bringing the U.S. closer to the regulatory clarity seen in the EU’s Markets in Crypto Assets (MiCA) framework.
The GENIUS Act passes the House by a huge margin, 307 – 122. The President will sign it into law tomorrow.
We have stablecoin regulation in the USA 🇺🇸
A moment for celebration: the first major crypto bill done in Congress and an opening of the floodgates for value onchain 🎉
— Jake Chervinsky (@jchervinsky) July 17, 2025
Bills, Bills, Bills
The House also approved the Digital Asset Market Clarity Act, which aims to delineate the Securities and Exchange Commission’s (SEC) and The Commodity Futures Trading Commission’s (CFTC) authority over digital assets, and the Anti‑CBDC Surveillance State Act, which seeks to block any attempt by the Federal Reserve to issue a central bank digital currency amid growing concerns about financial surveillance.
The Digital Asset Market Clarity Act passed 294–134 and would grant the CFTC authority over digital commodities while preserving the SEC’s role in securities, thereby reducing the regulatory gray area that has plagued the sector. The Anti‑CBDC Surveillance State Act, which passed on a narrower 219–210 vote, prohibits the issuance of a Federal Reserve-backed digital dollar, which supporters say could pose significant privacy risks and open the door to unwanted government surveillance.
Industry leaders have welcomed the coordinated legislative push, calling it a milestone in crypto policy. Stu Alderoty, president of the National Cryptocurrency Association, stated, “Any legislation … premised on transparency, disclosure, accountability and auditability provides the core consumer protections that anybody who wants to engage in the crypto economy should be entitled to.”
Will Momentum Continue?
With the GENIUS Act now on the President’s desk, advocates are hopeful the remaining two bills can make it through the Senate, though that path is expected to be more contentious. Not everyone is convinced this momentum will last, however. Terry Haines of Pangaea Policy warned investors not to overinterpret the House wins, saying, “Markets shouldn’t fall for crypto industry-generated hype: crypto has no Washington momentum.” Some Democrats, too, have raised concerns that the bills could enable financial opacity or benefit industry players at the expense of public oversight.
For now, however, the passage of all three bills by the House marks a rare moment of alignment between lawmakers and crypto advocates on the need for legal clarity and consumer protections. Even if the other two bills fail, the passing of the GENIUS Act alone will represent a sea change in policy from the country largely accepted as the home of crypto.
