‘Crypto Week’ ushers in big change: What happens now?

Key Points

1. The GENIUS Act, focused on stablecoin regulation, is expected to be signed by President Trump and will take effect 18 months after signing or 120 days after final regulations are published.

2. The CLARITY Act aims to exempt 'digital commodities on mature blockchains' from the Securities Act of 1933 and shift regulatory authority from the SEC to the CFTC.

3. The House also passed the Anti-CBDC Surveillance State Act, which would ban the Federal Reserve from issuing a central bank digital currency (CBDC).

4. The GENIUS Act includes strict reserve requirements and compliance with the Bank Secrecy Act for stablecoin issuers.

5. Crypto industry leaders expressed optimism about the CLARITY Act, noting its potential to influence global crypto regulations and maintain US competitiveness in the crypto market.