The United States Congress has achieved a significant milestone in cryptocurrency regulation with President Trump signing the GUARANTEED RESERVE FOR STABLECOINS (GENIUS) Act into law.
The GENIUS Act, which establishes comprehensive rules for stablecoin oversight, secured bipartisan approval in the House of Representatives before receiving swift presidential endorsement. This legislation creates new regulatory standards for stablecoin issuers and reserve requirements.
Meanwhile, the Senate is currently reviewing two additional cryptocurrency bills: the CLARITY Act, which seeks to define regulatory roles for digital assets nationwide, and the Anti-CBDC Surveillance State Act aimed at preventing the issuance of a government-controlled digital dollar. These proposals address broader aspects of cryptocurrency market oversight beyond stablecoins.
While the GENIUS Act saw majority support from Republican lawmakers, political divisions persist as some Democrats and Republicans have raised concerns about potential market impacts and regulatory gaps. The SEC and CFTC continue to face scrutiny regarding jurisdictional clarity in classifying digital tokens as securities.
A potential leadership vacuum at the CFTC, stemming from pending appointments, could affect regulatory implementation timelines. Senator Cynthia Lummis has additionally introduced a separate cryptocurrency framework proposal as the Senate’s review of pending bills intensifies.
Collectively, these legislative developments mark a pivotal shift in governmental oversight of digital assets, with lasting implications for stablecoin governance, institutional adoption, and national crypto policy formation.