On July 17, 2025, the U.S. House of Representatives approved three major pieces of legislation focused on digital assets. The Digital Asset Market Clarity Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act now shape the legal and regulatory boundaries of the crypto market. The GENIUS Act has already been signed by Donald Trump few hours ago.
Each bill targets a distinct part of the ecosystem, reflecting the growing seriousness of federal involvement. While the votes were divided, the combined effort shows lawmakers are ready to bring structure to a space long marked by confusion and legal gray zones. All three measures now await further steps before becoming full law.
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CLARITY Act Defines Digital Tokens Under U.S. Law
The Digital Asset Market Clarity Act, also known as the CLARITY Act (H.R. 3633), introduces legal categories for digital tokens, defining how these assets are treated under U.S. financial law. The bill separates oversight between the two agencies.
The Commodity Futures Trading Commission (CFTC) now handles digital commodities, specifically tokens that depend on decentralized blockchains. The Securities and Exchange Commission (SEC) keeps authority over tokens that qualify as securities.
By establishing clear definitions, the law aims to eliminate past confusion. Projects using mature decentralized blockchains, once unclear whether they required SEC registration, are now exempt when certain thresholds are met. At the same time, the SEC can still regulate tokens that don’t meet decentralization criteria or cross financial limits, such as high fundraising totals.
The law also includes reporting and anti-fraud rules. Market participants must maintain customer records and follow compliance measures under the Bank Secrecy Act. These were added to strengthen protection against fraud and financial crimes. The House passed the measure with a strong 294-134 vote. It now moves to the Senate for further review.
GENIUS Act: Stablecoins Now Under Strict Federal Oversight
Signed by Donald Trump on June 18 – the GENIUS Act sets the first nationwide rules for stablecoins. These tokens, typically pegged to currencies like the U.S. dollar, now must follow strict rules. Issuers are required to hold fully-backed reserves in safe assets such as U.S. Treasuries. They must register with regulators, disclose their reserve holdings publicly, and undergo regular audits.
Only licensed banks, credit unions, and financial technology companies are allowed to issue stablecoins under the new law. Algorithmic stablecoins that lack asset backing are banned outright. Oversight is to be shared between federal and state-level agencies to address systemic concerns. The law aims to prevent scenarios where users lose funds due to unstable or unverified backing.
This legislation has drawn both praise and concern. Supporters point to the stability it brings and the legal certainty banks need to launch stablecoin products. Large institutions like JPMorgan and Bank of America are reportedly exploring entry into this sector now that a rulebook exists. Critics argue that while safety measures are welcome, the exclusion of smaller players and the absence of FDIC coverage leave consumer protection incomplete.
We described more details about the GENIUS Act in this article.
Anti-CBDC Act Draws a Line on Government Digital Currency
The Anti‑CBDC Surveillance State Act, which passed the House with a 219–210 vote, takes aim at government-issued digital money. It blocks the Federal Reserve from launching or managing a retail central bank digital currency (CBDC). That includes any direct issuance to individuals or through intermediaries like private banks.
Supporters say the law shields Americans from financial surveillance. Concerns about digital currency being used by federal agencies for tracking purchases or enforcing behavioral restrictions have driven support for this measure. The act preserves space for private digital payment systems by cutting off the possibility of a government-run alternative. Rep. Marlin Stutzman said:
“It protects our values of privacy, individual freedom, and free market innovation by prohibiting a CBDC surveillance tool that could be wielded against the american way of life.”
The law does not stop the Federal Reserve from researching wholesale digital tools for use by banks or institutions. Lawmakers say it targets only direct-to-consumer versions, which they argue are prone to misuse.
Read also: Everything You Need to Know About the Digital Euro
Why These Laws Matter?
Together, these three bills lay a new framework for digital asset regulation in the U.S. The CLARITY Act defines which agency supervises which token, reducing past regulatory uncertainty. The GENIUS Act puts in place a structured system for stablecoins, aiming to safeguard users and improve financial transparency. The Anti-CBDC measure sends a strong political signal against direct federal control over consumer digital money.
