$SUI
The following is a summary of the latest developments in U.S. cryptocurrency legislation as of July 19, 2025:
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🇺🇸 The GENIUS Act (Stablecoin Act) has become law
• Congress passed the GENIUS Act on July 17, which was signed into law by President Trump the next day (July 18).  .
• The regulation stipulates that stablecoin issuance must be managed by banks or licensed institutions, fully backed by low-risk assets such as U.S. dollars or short-term U.S. Treasury securities, and requires regular public reserve reports and AML monitoring.  .
• The industry claims this will provide clear regulations and credibility for the stablecoin market, which is expected to rapidly expand to a market size of over a trillion dollars.  .
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💱 CLARITY Act and Anti-CBDC Surveillance State Act
• Alongside the GENIUS Act, two other bills passed the House of Representatives:
• CLARITY Act: Clarifies the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). .
• Anti-CBDC Surveillance State Act: Prohibits the Federal Reserve from developing a retail version of CBDC to prevent abuse of surveillance. .
• These two are still pending Senate review.
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⚖️ "Crypto Week": Policy Overhaul
• This month, the U.S. House of Representatives has been referred to as "Crypto Week," introducing at least three key bills to clarify the regulatory direction for digital assets. .
• The SEC also issued multiple guidelines on July 1, including clear statements on crypto ETP disclosures, that staking activities do not constitute securities obligations, and that stablecoins are not classified as securities. .
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🏦 Political and Industry Perspectives
• Trump stated that these bills will "consolidate the U.S.'s dominance in the fintech sector," and subtly remarked, "the bills are named after me."  .
• Industry observers believe this move provides much-needed regulatory clarity but also express concerns that it may favor large institutions and diminish space for small and medium-sized innovators.   .
