Local time on July 17, 2025, the U.S. House of Representatives passed three cryptocurrency-related legislations: the "Genius Act," the "Clarity Act," and the "Anti-CBDC Surveillance National Act." This marks a substantial step in the U.S. cryptocurrency regulatory framework, as digital assets gradually enter the mainstream financial system.

1. "Genius Act": This act has cleared all obstacles and is about to be submitted for Trump’s signature. It is the first federal legislation in the U.S. to establish a systematic legal status for payment stablecoins, requiring that only licensed banks or approved payment institutions can issue stablecoins, and they must hold 100% U.S. dollar cash or U.S. Treasury bonds as reserves, backed by regular audits and information disclosure.

2. "Clarity Act": This act will be submitted to the Senate for review, with the core aim of attempting for the first time at the federal level in the U.S. to define "digital securities" and "digital commodities," providing compliance exemptions for decentralized network developers, node operators, and DeFi frontends. It clarifies the commodity attributes of cryptocurrencies as digital assets, distinctly dividing the regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Tokens such as Bitcoin and Ethereum that meet the definition of "mature blockchain" will be classified as commodities under CFTC jurisdiction, while security tokens will be regulated by the SEC.

3. "Anti-CBDC Act": This act will also be sent to the Senate for review, aiming to prohibit the Federal Reserve from issuing CBDCs without Congressional authorization, thereby reserving competitive space for market-issued U.S. dollar stablecoins and preventing an official digital dollar from directly replacing private stablecoins.

The passage of these three acts means that the U.S. has taken the lead in establishing a complete regulatory system for crypto assets globally, with the crypto market officially entering the "compliance golden age."