On July 17, 2025, the U.S. House of Representatives passed three significant cryptocurrency bills, marking a pivotal moment in the regulation of digital assets. The legislation aims to establish a comprehensive framework for the rapidly evolving crypto market, addressing key areas such as stablecoin regulation, market structure, and the issuance of central bank digital currencies .
The first bill, known as the GENIUS Act, focuses on regulating stablecoins—cryptocurrencies pegged to stable assets like the U.S. dollar. The House approved the bill with a 308–122 vote, and it now awaits President Donald Trump's signature. The GENIUS Act grants the Commodity Futures Trading Commission expanded authority over the crypto sector, aiming to enhance trust, transparency, and consumer protection while maintaining U.S. competitiveness.
The second piece of legislation, the Clarity Act, seeks to define whether digital assets are securities, providing much-needed clarity for market participants. This bill passed the House with a 294–134 vote and is now pending Senate debate. The third bill prohibits the Federal Reserve from issuing a CBDC, reflecting a cautious approach to government-backed digital currencies. This measure passed narrowly, with a 219–210 vote.
These legislative developments come amid President Trump's initiative to position the U.S. as a global leader in the crypto space. The administration's pro-crypto stance is further evidenced by the establishment of a strategic Bitcoin reserve and the nomination of Paul S. Atkins, known for his ties to the crypto industry, as Chair of the Securities and Exchange Commission .
However, the bills have faced criticism from some lawmakers and industry experts. Democrats, including Rep. Maxine Waters and Sen. Elizabeth Warren, have raised concerns about potential conflicts of interest, citing President Trump's personal crypto investments. They argue that the legislation could lead to financial instability and question the administration's commitment to consumer protection.
The passage of these bills represents a significant step toward regulatory clarity in the cryptocurrency market. As the legislation moves to the Senate, stakeholders await further developments that will shape the future of digital asset regulation in the United States.
