In a series of major votes on Thursday, the U.S. House of Representatives took a significant step toward shaping the future of digital assets, passing three key cryptocurrency bills aimed at establishing a regulatory framework for stablecoins, defining market structure, and halting the development of a U.S. central bank digital currency (CBDC).
Among the headline items was the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins Act—better known as the GENIUS Act—by a vote of 308 to 122. The bill, already approved by the Senate, now heads to President Donald Trump’s desk. If signed, it would mark the first time a U.S. law explicitly regulates stablecoins, requiring they be fully backed by U.S. dollars or other liquid assets. It also mandates annual audits for stablecoin issuers with a market cap exceeding $50 billion and outlines rules for foreign-issued stablecoins operating in U.S. markets.
The GENIUS Act is clear: the @federalreserve does not have authority to issue a CBDC.
— U.S. Senate Banking Committee GOP (@BankingGOP) July 16, 2025
Chairman @SenatorTimScott will continue pushing back on any overreach from the Federal Reserve. pic.twitter.com/1xEUWyd50V
Setting the Ground Rules for Crypto Markets
The House also passed the Digital Asset Market Structure and Investor Protection Act, referred to as the Clarity Act, by a vote of 294 to 134. The bill seeks to clarify the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while requiring digital asset firms to disclose financial information and keep customer and company funds separate.
“This is a milestone,” said Ji Hun Kim, CEO of the Crypto Council for Innovation. “The Clarity Act replaces uncertainty with confidence—for entrepreneurs, the broader market, and consumers.”
The Clarity Act now moves to the Senate, where lawmakers are expected to build upon existing bipartisan frameworks introduced by Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY). While the Senate is unlikely to adopt the House version wholesale, it may incorporate select provisions. Senate Banking Committee Republicans have set a soft deadline of September 30 to reach consensus.
CBDC Restrictions Also Pass
In a narrower 219-210 vote, the House approved the Anti-CBDC Surveillance State Act, a bill that would prevent the Federal Reserve from issuing a central bank digital currency directly to individuals. The measure was driven by privacy concerns, with several Republicans fearing that a digital dollar could be used to track Americans’ financial activity.
This legislation will now be attached to the must-pass National Defense Authorization Act (NDAA), virtually guaranteeing further debate in the Senate.
Political Friction and Industry Concerns
The crypto bills sparked political pushback, particularly from House Democrats. Rep. Maxine Waters, ranking Democrat on the House Financial Services Committee, labeled the Clarity and GENIUS Acts “two of the most dangerous pieces of legislation,” criticizing them as enablers of what she called President Trump’s “crypto con.” Democrats have also raised questions about Trump’s financial entanglements in the sector—Bloomberg estimates his family's crypto ventures have added over $600 million to their collective net worth.
Julia Shapero
Meanwhile, the decentralized finance (DeFi) industry has expressed concerns about the Clarity Act’s treatment of state versus federal oversight. While centralized exchanges would be federally regulated under the bill, decentralized platforms could remain exposed to a patchwork of state regulations and enforcement.
What’s Next?
The GENIUS Act awaits President Trump’s signature, which is expected by the end of the week. The Clarity Act still faces Senate revisions before it can become law, while the Anti-CBDC bill will advance as part of the NDAA.
Together, these developments suggest Washington is no longer content to sit on the sidelines of crypto regulation. Instead, lawmakers on both sides are beginning to define the rules of engagement for an industry that has long operated in legal gray zones.
