This week, the US House of Representatives passed the Clarity Act and the Anti-CBDC Surveillance State Act.
Congress defines the Genius Act, also known as the Guiding and Establishing National Innovation for US Stablecoins, as regulating payment stablecoins, making it unlawful for anyone other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States. This marks the first significant national cryptocurrency legislation to be adopted by US lawmakers, establishing a regulatory framework for stable cryptocurrencies. Following the House’s approval, President Trump is expected to sign the legislation into law before the week’s end.
The Clarity Act, or Digital Asset Market Clarity Act, seeks to create a clear regulatory structure for digital assets. The Anti-CBDC Surveillance State Act prevents the Federal Reserve from directly issuing a central bank digital currency (CBDC) to individuals or indirectly through intermediaries. This regulation also prohibits using a CBDC for monetary policy and mandates Congressional authorization before any CBDC development or issuance.
House Financial Services Committee Chairman French Hill celebrated the passage, which was approved by a vote of 308 to 122, calling it a “historic turning point.” He noted that President Trump had urged Congress to deliver landmark legislation by August, and they have done so.
In contrast, Congresswoman Maxine Waters, the leading Democrat on the House Financial Services Committee, expressed concerns, stating that the bill lacks essential provisions to “maintain the longstanding separation of banking and commerce, protect consumers, preserve national security, promote financial stability, and fails to address significant conflicts of interest raised by the actions of President Trump and his Administration.”