In a historic session on July 17, 2025, the U.S. House of Representatives passed three major cryptocurrency bills, signaling a decisive shift toward comprehensive federal regulation for digital assets. The legislation covers stablecoin standards, jurisdictional clarity between the SEC and CFTC, and a ban on central bank digital currencies (CBDCs)—marking the most significant financial technology legislative package since the Dodd-Frank Act of 2010.
GENIUS Act: Stablecoin Regulation Takes Shape
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed with a bipartisan vote of 307–122 and has been sent to President Donald Trump for signature. The bill establishes reserve requirements, consumer protections, and licensing frameworks for dollar-backed stablecoins used in payments. White House Crypto Czar David Sacks hailed the outcome as a “massive win for crypto in the House.” Senator Tim Scott called the bill “a bold step forward to promote innovation and consumer protection for payment stablecoins.” Ripple CEO Brad Garlinghouse noted that the last major financial regulation bill was passed 15 years ago in response to the 2008 crisis, adding: “The signing of the GENIUS Act cements the US’s future in being a leader in truly innovative financial technology—stablecoins.”
CLARITY Act: Defining SEC vs. CFTC Powers
The Digital Asset Market Clarity Act of 2025 (CLARITY Act) advanced to the Senate after a 294–134 House vote. The legislation seeks to end years of regulatory uncertainty by clearly assigning oversight of digital asset spot markets to the Commodity Futures Trading Commission (CFTC) while preserving the Securities and Exchange Commission’s (SEC) authority over securities-like tokens. Coinbase CEO Brian Armstrong emphasized: “GENIUS ready to be signed into law. CLARITY heading the senate next. We are getting incredibly close to finally having clear rules for crypto to grow this industry in the USA.”
Anti-CBDC Act: Prohibiting a Federal Digital Dollar
The Anti-CBDC Surveillance State Act narrowly passed 219–210, reflecting deep partisan divisions over the future of digital payments. Sponsored by Majority Whip Tom Emmer, the bill prohibits the Federal Reserve from issuing a central bank digital currency and codifies President Trump’s executive order forbidding federal agencies from exploring CBDC development. Emmer’s office declared: “The bill passes to ensure Americans’ financial privacy remains free from government surveillance.”
Industry Reaction: A New Era for US Crypto Policy
Gemini co-founder Tyler Winklevoss described the day as “a huge day for crypto, U.S. dollar dominance, and America.” Meanwhile, Senator Cynthia Lummis issued a succinct “Huge win for Digital Assets!” House Republicans celebrated that “the GENIUS Act is headed to the President’s desk. The United States will continue to be a world leader that drives innovation.” With all three bills now past the House, the industry anticipates that the stablecoin framework will provide long-sought regulatory clarity, potentially attracting more traditional finance institutions into the digital asset space. The anti-CBDC measure, however, may limit the US government’s future options in digital currency innovation, setting the stage for continued debate in the Senate.