The US House of Representatives has passed three major cryptocurrency bills aimed at clarifying regulation, restricting federal digital currency powers, and laying a foundation for stablecoin oversight. The legislative package, passed just days before the August recess, signals a significant step in Washington’s evolving approach to digital assets.
Stablecoin regulation takes centre stage
The most prominent of the three bills, the GENIUS Act, provides the first federal framework for regulating US dollar–pegged stablecoins. It mandates that issuers maintain liquid, dollar-based reserves, submit to independent audits, and disclose reserve holdings publicly. Having already passed the Senate in June, it is now en route to President Trump’s desk for signature.
Supporters say the bill will unlock institutional confidence and provide regulatory clarity in a sector long plagued by oversight gaps. Critics, however, warn that enforcement mechanisms remain weak and that broader consumer protections are needed.
Defining the regulatory perimeter
The second bill, the CLARITY Act, aims to resolve a persistent dispute over whether digital assets should fall under securities law overseen by the SEC or be treated as commodities under the CFTC. The measure passed the House with bipartisan support, including backing from approximately 80 Democrats.
Lawmakers and crypto executives alike argue that the lack of clear boundaries has hampered innovation and led to conflicting enforcement actions. The CLARITY Act sets out criteria for classification, with a focus on decentralisation and how a digital asset is marketed and sold.
Blocking a federal digital currency
The third measure, the Anti-CBDC Surveillance State Act, bans the Federal Reserve from issuing a central bank digital currency (CBDC) without direct Congressional approval. The bill narrowly passed 219–210, reflecting a partisan divide. Republicans pushed the legislation forward on privacy grounds, warning of potential government overreach, while Democrats largely opposed it, arguing that it could pre-empt useful innovation.
If enacted, the bill would significantly curtail the Fed’s role in exploring a digital dollar, a project that has seen quiet but steady progress over recent years.
Industry response and next steps
The crypto sector has welcomed the legislative progress. Industry leaders say the bills represent a long-awaited signal that Washington is prepared to engage constructively with blockchain innovation. However, many remain cautious about the Senate’s appetite for further debate, particularly around the CLARITY and Anti-CBDC bills, which may face amendment or delay in the upper chamber.
Only the GENIUS Act is guaranteed to become law in the near term. Its implementation is expected to reshape the stablecoin market and attract more traditional financial players into tokenised finance.
REFH – Newshub, 18 July 2025
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