Written by: Glendon, Techub News
As Bitcoin skyrockets, breaking through the $123,000 mark and repeatedly setting new historical highs, the highly anticipated "Crypto Week" is about to commence.
The U.S. House of Representatives will kick off the "Crypto Week" agenda at 4:00 PM local time on July 14 (4:00 AM Hong Kong time on July 15), focusing on three key bills that are likely to rewrite the history of cryptocurrency: the "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins" (the "GENIUS Act"), the "Digital Asset Market Clarity Act" (the "CLARITY Act"), and the "Anti-CBDC Surveillance State Act" (HR 1919).
For the cryptocurrency industry, this meeting led by House Republicans is of great significance, as it concerns whether the industry can obtain a "passport" into the mainstream financial world under clear regulatory rules in the U.S. Next, this article will explore the core content of these three bills, the positive impacts if they are passed, and discuss their likelihood of passage.
Detailed Explanation of the Core Content of the Three Bills
The "GENIUS Act": Establishing a Regulatory Framework for Stablecoins
On February 4, 2025, U.S. Republican Senator Bill Hagerty from Tennessee first introduced the "GENIUS Act," aimed at constructing a regulatory framework for stablecoins. On May 15, the bill was revised in response to concerns from Democratic lawmakers regarding potential conflicts of interest involving the Trump family, seeking broader support from legislators. The revised bill added asset reserve requirements for stablecoin issuers, mandating that they hold 100% dollar-equivalent assets, while explicitly prohibiting members of Congress and their families from profiting from stablecoins.
However, it is noteworthy that the bill does not restrict the president and his family from profiting from stablecoin issuance, which has intensified Democratic criticism of Trump and his family's "cryptocurrency corruption."
On June 17, the U.S. Senate held a final vote on the "GENIUS Act," passing it with 68 votes in favor and 30 against, officially establishing the first federal regulatory framework for dollar-pegged cryptocurrency stablecoins, marking the first time the crypto asset industry has been included under U.S. federal legal regulation. The "GENIUS Act" has also officially entered the House process.
Unlike the U.S. government's fragmented regulatory approach over the years, the "GENIUS Act" establishes clear and explicit standards in the digital asset space:
Strictly defines the attributes of payment stablecoins: Clearly states that payment stablecoins are digital assets used for payment or settlement, which must be exchangeable with fiat currency (such as the dollar) on a 1:1 basis and do not fall under the category of securities or commodities. It also prohibits issuers from providing interest earnings to users through stablecoins to prevent them from evolving into speculative financial products.
Clearly defines entry restrictions for issuers: Only three types of entities can legally issue payment stablecoins, including subsidiaries of insured banks (such as those under JPMorgan), federally approved non-bank issuers by the Office of the Comptroller of the Currency (OCC), and state-qualified issuers meeting federal standards, with a tiered management system. Issuers with a scale exceeding $10 billion are subject to direct federal regulation (such as by the Federal Reserve, OCC, etc.), while smaller issuers are governed by state regulatory agencies to reduce compliance costs. Existing non-compliant issuers (such as Tether) must complete rectification or exit the market within three years.
Covers asset reserve and transparency requirements, consumer protection, and anti-money laundering mechanisms: Reserve assets are limited to highly liquid assets such as cash in U.S. dollars, short-term U.S. Treasury bills maturing within 93 days, and government money market funds; issuers must publicly disclose reserve composition reports monthly, reviewed by third-party accounting firms; issuers with a scale exceeding $50 billion must submit annual audited financial statements, etc.
The "CLARITY Act": Defining Boundaries for the Digital Asset Market Structure
The "Digital Asset Market Clarity Act" (the "CLARITY Act") is fully titled "Digital Asset Market Clarity Act of 2025," led by U.S. House Financial Services Committee Chairman and Republican Congressman French Hill from Arkansas, with support from five Republicans and three Democrats, ultimately forming a bipartisan proposal.
This bill aims to establish a clear and unified regulatory framework for the U.S. digital asset market, clarifying the regulatory approaches of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), creating a clear regulatory framework for cryptocurrencies, and requiring digital asset companies to disclose customer information and segregate customer funds. While protecting investors and combating fraud, the bill allows for exemptions and research space for innovation (DeFi, stablecoins, NFTs, etc.).
On June 11, the U.S. House Agriculture Committee and Financial Services Committee voted to pass the "CLARITY Act" with results of 47 votes in favor and 6 against, and 32 votes in favor and 19 against, respectively. The bill was then submitted to the House for a vote by the full assembly. Interestingly, according to Bitcoin Laws, an amendment prohibiting President Trump and his family from profiting from trading or promoting digital assets was also rejected.
The framework proposed by this bill mainly includes four core components:
Clearly classifies digital assets and delineates regulatory responsibilities: Security tokens (such as fundraising tokens) are regulated by the SEC and must comply with securities law registration and disclosure requirements; digital commodities fall under the jurisdiction of the CFTC, such as mainstream cryptocurrencies like Bitcoin and Ethereum.
Establishes a "maturity" certification mechanism for blockchain: Value must primarily derive from actual use of the blockchain, requiring no single entity to control it (e.g., the maximum holding ratio of the largest holder must not exceed 20%), and must undergo a four-year observation period (starting from the passage of the bill or the first token sale).
Includes exemptions for DeFi and infrastructure: Clearly states that six types of non-custodial services are not subject to the Securities Exchange Act, including node operation, oracle services; front-end interface development; liquidity pool provision; non-custodial wallet services; DeFi protocol development and maintenance; transaction validation and forwarding services.
Defines regulatory scope: The SEC is responsible for the registration of security tokens and anti-fraud enforcement, while the CFTC exercises jurisdiction over the spot and derivatives markets for digital commodities, requiring exchanges, brokers, and other intermediaries to register and segregate customer funds.
During this period, the "Blockchain Regulatory Certainty Act" (BRCA) was also incorporated into the newly revised "CLARITY Act," aimed at protecting developers of non-custodial, peer-to-peer technologies while imposing strict regulations on custodial financial institutions.
The "Anti-CBDC Surveillance State Act"
The "Anti-CBDC Surveillance State Act" was first proposed by House Majority Whip and Republican Congressman Tom Emmer in September 2023, aiming to curb the development of a digital dollar and prohibit the Federal Reserve from directly providing products and services to individuals. The rationale behind this is that supporters of the bill believe the digital dollar could potentially become a financial surveillance tool that undermines traditional American lifestyles.
On May 26, the U.S. House voted on a revised version of the bill (HR 1919), which passed successfully with 216 votes in favor and 192 against.
The core content of this bill covers several key aspects: it prohibits the issuance of retail CBDCs, meaning the Federal Reserve cannot issue central bank digital currency to individuals without congressional authorization, preventing excessive government intervention in payment systems and personal financial freedom; it prohibits the government from collecting citizens' transaction data through CBDCs, fundamentally limiting data collection to protect personal privacy; and it ensures a clear distinction between CBDCs and private stablecoins (such as USDC), preventing excessive central bank involvement in the payment sector.
After gaining a deeper understanding of the goals and core content of these bills, a key question arises: if these bills are ultimately passed, what impact will they have on the entire cryptocurrency industry?
Impacts of the Bills and Likelihood of Passage
The "GENIUS Act" marks a significant shift in U.S. cryptocurrency regulation, and with bipartisan support in the Senate, it is expected to lay the foundation for a more mature, transparent, and innovation-friendly digital asset market in the U.S. If this bill is passed, positively, it will greatly enhance market trust and stability in the cryptocurrency industry, and clear regulatory rules (such as the 100% reserve requirement) can reduce fraud risks, such as decoupling events caused by opaque reserves, and attract institutional investors, promoting the growth of compliant stablecoins like USDC.
However, this bill will also increase regulatory pressure on some stablecoin issuers. For example, the stablecoin giant Tether currently does not meet the reserve composition requirements of the bill. JPMorgan analysts have suggested that Tether may need to sell non-compliant assets to comply with the proposed U.S. stablecoin regulations, including Bitcoin, precious metals, corporate notes, and secured loans. However, Tether CEO Paolo Ardoino has expressed a willingness to launch products that comply with the "GENIUS Act."
On the other hand, this bill will promote innovation and compliant development, providing a "safe harbor" for DeFi and payment stablecoins, reducing legal uncertainties, and encouraging companies to develop new products (such as cross-border payment solutions) within a transparent framework.
For the U.S., the "GENIUS Act" can strengthen financial security and consumer protection, as mandatory disclosure of reserve information and redemption policies can prevent systemic risks similar to Terra-Luna. Additionally, by formalizing the compliance of dollar-pegged stablecoins, it can enhance the use of the dollar in international payments, thereby maintaining and consolidating the dollar's global dominance. Furthermore, this bill is likely to become a global standard, providing a regulatory template that encourages other countries or regions to establish similar frameworks, reducing regulatory arbitrage and market fragmentation.
The "CLARITY Act" also has some similar impacts, but compared to the digital asset market foundation established by the "GENIUS Act," this bill is more inclined to provide a clear regulatory framework, ending the current ambiguity in U.S. government regulation, clarifying the jurisdictional boundaries of the SEC and CFTC, thus providing predictable compliance pathways for exchanges and issuers, reducing legal risks. On this basis, this bill may encourage some projects and investments to return to the U.S., as Coinbase has clearly stated its support for this bill.
Additionally, this bill can unleash the innovative potential of DeFi, with exemption clauses for non-custodial protocols (such as liquidity pools and oracles) allowing developers to build decentralized applications without worrying about liability under securities laws, thus promoting the iteration of Web3 technology.
However, negative impacts should also be noted. The most significant impact of the two bills is undoubtedly the increase in compliance costs and the rise in market entry barriers. Small and medium-sized exchanges will need to meet both SEC disclosure requirements and CFTC trading monitoring rules. Due to operational cost constraints, small and medium-sized stablecoin issuers may also be limited by the 100% reserve and strict audit requirements. The ultimate result may lead to the exit of small and medium platforms from the market, exacerbating industry monopolization and allowing large institutions to completely dominate the market.
The "Anti-CBDC Surveillance State Act" is like a double-edged sword for the United States, bringing some benefits while also harboring numerous challenges.
From the perspective of benefiting the cryptocurrency industry, if this bill takes effect, it will cut off the Federal Reserve's ability to provide digital dollars to individuals. As a result, private dollar stablecoins (such as USDT and USDC) would become the sole carriers of dollar digitization, undoubtedly further expanding the market share of stablecoins.
However, for the U.S. government, the bill's prohibition on using CBDCs for economic regulation could significantly limit the government's financial monitoring capabilities. The government needs effective tools and means for economic regulation and financial supervision, and CBDCs can provide such support to some extent. Additionally, most Democratic lawmakers believe that this bill will harm U.S. interests, arguing that CBDCs can enhance payment efficiency and reduce settlement costs, and the ban will delay the upgrade of the U.S. financial system. House Financial Services Committee member and California Democratic Congresswoman Maxine Waters has publicly criticized the bill prohibiting CBDCs as "anti-innovation."
Because of this, based on the above analysis of pros and cons, the bill faces significant difficulties in making further progress, and its likelihood of passage is not very high. This can also be seen from the voting situation in the U.S. House of Representatives, where as many as 192 Democratic lawmakers voted against the bill, with only 3 Democratic lawmakers expressing support. Furthermore, the bill still needs to pass through the Senate, where Democratic lawmakers hold a majority, meaning the bill will inevitably encounter greater resistance.
In contrast, the likelihood of the "GENIUS Act" and the "CLARITY Act" passing through the House vote is much higher. On one hand, the Republicans hold a majority in the House with a 220:212 seat ratio, and the bills are being pushed forward by Republicans. The House intends to advance both bills concurrently, aiming to complete this legislation before the end of August, as set by Trump.
In this regard, Trump has also urged on Truth Social that the Senate's passage of the "GENIUS Act" will drive large-scale investment and innovation in the digital asset field in the U.S., calling for the House to quickly pass the bill and submit it to the president for signing without delay or additional conditions. Even U.S. Senator Hagerty stated in an interview that Trump is ready to sign the "GENIUS Act," and the bill may soon be sent to his desk.
Despite ongoing opposition voices regarding Trump's "cryptocurrency corruption," reports from Caixin indicate that several legal experts in the U.S. suggest that, generally speaking, the legislative process in the U.S. Senate is more challenging than in the House. Compared to the Senate, there are more lawmakers in the House who support Trump, so the "GENIUS Act," which Trump strongly advocates, is likely to gain majority support in the House and ultimately pass.
On the other hand, market enthusiasm has been ignited, with some analysts suggesting that investors' optimistic expectations regarding policy have driven the market's rise. Whether it is the recent surge in the stock price of stablecoin giant Circle or Bitcoin continuously setting new historical highs, it indicates that the market is increasingly optimistic about clearer regulatory policies.
As for whether the final bill can successfully pass, "Crypto Week" is approaching, so let's wait and see!
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
