The Node: GENIUS, Clarity and a CBDC Ban

Three significant cryptocurrency bills are poised for potential passage in the U.S. House of Representatives: the GENIUS Act, the Clarity Act, and the Anti-CBDC Act. These bills represent a significant shift in the U.S. government’s approach to digital assets.

The GENIUS Act (“Guiding and Establishing National Innovation for U.S. Stablecoins of 2025”) aims to establish a regulatory framework for stablecoins. Having already passed the Senate, its prospects for becoming law are strong, marking a potential first for federal crypto-specific legislation.

The Clarity Act (“Digital Asset Market Clarity Act of 2025”) addresses a long-standing industry need for clearer jurisdictional boundaries between the SEC and the CFTC in regulating digital assets. While lacking a Senate counterpart, numerous hearings indicate progress towards potential enactment before year’s end. Industry experts, such as Katherine Dowling of Bitwise, highlight the crucial need for this legislation to reduce regulatory uncertainty.

Conversely, the Anti-CBDC Surveillance State Act seeks to prevent the creation of a U.S. central bank digital currency (CBDC), citing concerns about potential government surveillance. Representative Tom Emmer, the bill’s sponsor, argues that a non-private CBDC would undermine American freedoms. This bill also currently lacks Senate alignment.

All three bills are anticipated to garner bipartisan support in the House, a considerable achievement for the cryptocurrency industry. Although acknowledging imperfections, Dowling emphasizes that even an imperfect framework is preferable to the current ambiguity, facilitating operations for U.S.-based crypto companies. She believes that any shortcomings can be addressed over time through legislative refinement.

The swift change in Washington’s stance towards crypto, particularly since the departure of former SEC Chair Gary Gensler, is notable. Maintaining this momentum, symbolized by the designation of “Crypto Week” and its inclusion in the presidential agenda, is deemed crucial for continued progress in the U.S. crypto regulatory landscape. The bills’ passage would represent a significant step towards establishing a more defined and potentially more favorable regulatory environment for the cryptocurrency sector in the United States, bridging the gap with other nations already actively shaping their crypto policies.