- The House of Representatives passed two bipartisan bills to create rules for cryptocurrencies and stablecoins.
- The GENIUS Act establishes regulation for stablecoins and heads to President Donald Trump for approval.
- The Clarity Act covers cryptocurrency exchanges and will now move to the Senate for further review.
- Both bills include requirements to prevent money laundering and strengthen national security.
- This legislative effort would be the first official introduction of digital assets into the U.S. financial system.
The U.S. House of Representatives passed two bills on Thursday that would set new regulations for cryptocurrencies and stablecoins. Both measures received strong bipartisan support and aim to bring digital assets into the official U.S. financial system for the first time.
The GENIUS Act now advances to President Donald Trump for his signature, while the Clarity Act will be sent to the Senate, where further changes are expected. The GENIUS Act focuses on stablecoins, which are digital currencies linked to the value of the U.S. dollar or other assets. The Clarity Act outlines how cryptocurrency exchanges, brokers, and dealers must operate under U.S. law.
The GENIUS Act establishes a framework for companies wanting to issue stablecoins. The bill requires that stablecoins are backed at least one-to-one with assets such as U.S. dollars, Treasury notes, or bonds. These reserves must be held in a regulated institution, either at the state or federal level. The law also introduces anti-money laundering measures and enforces compliance with U.S. sanctions. Issuers must monitor transactions, report suspicious activity, and ensure their operations follow both state and federal laws.
The legislation clearly states that stablecoin payments are not supported by the U.S. government and are not insured by the Federal Deposit Insurance Corporation. “In the United States, stablecoins have operated in a legal gray zone. Stablecoin issuers trying to follow the rules can’t be sure what rules to follow,” said Majority Leader John Thune, R-S.D. For further details, the full bill is available to read here.
The Clarity Act creates a registration system for digital commodity exchanges, brokers, and dealers with the Commodity Futures Trading Commission (CFTC). It outlines the requirements for these businesses to keep open records with the CFTC and to report information to customers regarding asset handling. The bill also sets standards to ensure that cryptocurrencies run on decentralized blockchains, meaning that control is not concentrated in a single party.
Oversight is divided between the Securities and Exchange Commission and the CFTC. The act also clarifies how individuals can legally hold and use digital assets in the United States. It includes similar anti-money laundering and security guidelines as the GENIUS Act. The text of the Clarity Act can be accessed here.
If enacted, these bills would introduce the first comprehensive federal regulations for digital assets in the United States. Both measures are supported by lawmakers from both major political parties, signaling a significant shift in the country’s approach to digital currency.
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