🇺🇸 U.S. House passes landmark crypto bills, GENIUS Act and Clarity Act, with bipartisan support. GENIUS Act awaits Trump's signature, regulating stablecoins; Clarity Act moves to Senate, clarifying crypto regulations.
The US House of Representatives has officially passed two significant cryptocurrency bills: the Clarity Act and the GENIUS Act. Here's what you need to know about these bills.
Clarity Act: This bill aims to provide clarity on digital asset oversight by defining which cryptocurrencies are regulated by the Securities and Exchange Commission (SEC) and which fall under the Commodity Futures Trading Commission (CFTC). It also imposes stricter disclosure requirements on retailfacing crypto platforms and requires the separation of user and corporate funds.
GENIUS Act: This bill establishes a regulatory framework for stablecoins, requiring dollarbacked stablecoins to be fully collateralized with US dollars or similar liquid assets. It also enforces annual audits for issuers with a market cap over $50 billion and imposes new guidelines for foreignissued stablecoins operating in the US.
What's Next?
The GENIUS Act is expected to head to President Trump's desk for signature soon, potentially becoming law this week.
The Clarity Act still needs to pass the Senate before it can be signed into law. If passed, these bills will mark a significant step forward in cryptocurrency regulation in the US.
The passage of these bills is seen as a major victory for the digital assets industry, providing muchneeded clarity and structure for the market.
