Crypto Week in House Sees Passage of Three Digital Asset Bills

In mid-July the U.S. House of Representatives worked to pass three digital asset legislative packages each targeting a distinct category. First, the House passed the “GENIUS Act” (Guiding and Establishing National Innovation for U.S. Stablecoins Act), an act designed to establish a framework for the regulation of “payment stablecoins,” in a bipartisan vote of 308-122, with the support of more than 100 Democrats. This vote sent the bill to the President’s desk as the Senate passed the measure in June, by a vote of 68-30. The bill, now law, defines and regulates payment stablecoins, creates issuer and reserve requirements, identifies the agency responsible for regulatory oversight (Office of the Comptroller of the Currency), establishes certain prohibitions, as well as other key consumer protection measures.

In response to the passage of the GENIUS Act, SEC Chairman Paul Atkins praised the work of both the House and Senate and noted, “I look forward to continuing to work to make America—already the world’s leader in financial market innovation—the center of crypto asset innovation as well.” In a separate statement made after President Trump sign the bill into law, Chair Atkins stated, “The SEC will work diligently to consider any changes needed to achieve regulatory clarity. Together we will make America the center of crypto asset innovation and strengthen the financial markets for the benefit of all Americans.”

In the same week the House passed the “CLARITY Act” (the Digital Asset Market Clarity Act) which would split digital asset regulation between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Additionally, the CLARITY Act establishes a regulatory framework for digital assets, aiming to clarify registration requirements, regulatory structures, and the roles of exchanges, brokers, and dealers in the digital asset market. The House also passed the “Anti-CBDC Surveillance State Act,” which would ban the Federal Reserve from issuing a central bank digital currency (CBDC). The Senate has not acted on either of these measures and may consider its own legislative framework before considering the House bills.

Click here to view Chair Atkins statement on the passage of the GENIUS Act.
Click here to view Chair Atkins statement on President Trump signing the GENIUS Act into law.
Click here to view a report on the GENIUS Act from EY.
Click here to read a client alert from Ropes & Gray.