U.S. Crypto Legislative Landscape: Key Developments and the New Era of Regulation in July 2025

Key Developments and the New Era of Regulation in July 2025

Introduction

July 2025 marked a turning point for the regulatory landscape for cryptocurrencies in the United States, culminating in what has been dubbed “Crypto Week” on Capitol Hill.¹ During this period, Congress moved forward on a number of crucial legislative initiatives that seek to establish a clearer and more comprehensive regulatory framework for digital assets.

The designation of a “Crypto Week” by Congress is not simply a programmatic event, but an indication of the growing political priority and recognition of the maturity of the digital asset industry. This industry has gained considerable influence in Washington through intense lobbying and significant campaign donations.⁵ This development suggests an institutionalization of the digital asset discussion into the mainstream legislative agenda, reflecting a trend of increasing integration of the crypto industry into the traditional political system, seeking to shape the regulatory environment in its favor.

Three bills have captured mainstream attention: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. Each addresses distinct but interconnected facets of the cryptocurrency ecosystem, from the regulation of stablecoins to overall market structure and central bank digital currency policy.¹

It is critical to clarify that while the initial consultation refers to “passed laws,” only one of these initiatives has been signed into law by the President. The GENIUS Act has been signed into law, while the CLARITY Act and the Anti-CBDC Surveillance State Act were passed by the House of Representatives and now await Senate consideration.¹

This distinction is crucial to understanding its immediate and future impact. The passage of two of the three bills by the House, but not their enactment, suggests clear legislative intent and significant progress, but also the persistence of obstacles in the bicameral process. This implies that full regulatory clarity has not yet been achieved, and the Senate will be the next battleground for crypto policy. The difference in the level of bipartisan support observed in the House votes for CLARITY Act ¹ and Anti-CBDC Surveillance State Act ⁷ suggests that the path in the Senate could be more difficult for initiatives with less consensus, meaning that uncertainty will persist until the Senate acts, affecting the industry’s long-term planning.

Below is a summary table of these key legislative initiatives:

Table 1: Summary of Key Crypto Legislative Initiatives (July 2025)

Bill Name	Full Official Title	Primary Purpose	Current Status (July 2025)
GENIUS Act	Guiding and Establishing National Innovation for U.S. Stablecoins Act (S. 1582)	Establishing a federal regulatory framework for stablecoins..	Enacted by President Donald J. Trump on July 18, 2025.
CLARITY Act	Digital Asset Market Clarity Act (H.R. 3633)	Clarify regulatory jurisdiction between SEC and CFTC for digital assets.	Passed the House on July 17, 2025; pending in the Senate.
Anti-CBDC Surveillance State Act	Anti-CBDC Surveillance State Act (H.R. 1919)	Prohibit the Federal Reserve from issuing a Central Bank Digital Currency (CBDC).	Passed the House on July 17, 2025; pending in the Senate.

This table is essential for the professional reader, providing a quick and concise reference of the three main pieces of legislation, their official names, purposes and, crucially, their current status. In a field as dynamic and often confusing as crypto regulation, such a structured overview is essential for immediate and accurate understanding, allowing the reader to place each subsequent discussion in its proper legislative context.

I. The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act): The New Regulatory Framework for Stablecoins

Purpose and Objectives

The GENIUS Act, officially titled the “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” was signed into law by President Donald J. Trump on July 18, 2025, marking a milestone as the first comprehensive federal legislation for stablecoins in the U.S.⁵

Its main goals are ambitious: to position the U.S. as the undisputed leader in digital assets, strengthen the U.S. dollar’s status as a global reserve currency, ensure consumer protection, and combat illicit activities in the digital asset space.⁸ President Trump has called it a “massive validation” of the industry and a “pure GENIUS” piece of legislation that will bring “massive investment and innovation” to the country, fulfilling his promise to make the U.S. the “crypto capital of the world. ”⁵

Rhetoric of “global leadership” and “national security” around the GENIUS Act goes beyond mere financial regulation. The specific mention of “strengthening the dollar’s status as a global reserve currency” and “combating illicit activities ” ⁸ positions crypto legislation as a strategic component of U.S. foreign and economic policy. The government seeks to ensure the hegemony of the dollar in the digital age in the face of competition from other nations exploring their own Central Bank Digital Currencies (CBDCs).¹¹ This suggests that the U.S. is using stablecoin regulation as a geopolitical tool to maintain its advantage in the global financial system, differentiating itself from approaches such as China’s.¹¹

Key Provisions

The GENIUS Act introduces a detailed regulatory framework for stablecoins, with several significant provisions:

• Definition and Scope of “Payment Stablecoins”: The law establishes the first federal regulatory system for “payment stablecoins,” defining them as any digital asset designed to be used as a means of payment or settlement, with a stable value linked to a fiat currency such as the US dollar.⁸ Crucially, the law clarifies that these stablecoins are not considered securities under the jurisdiction of the SEC or commodities under the CFTC, except for purposes of fraud and certain activities of registered entities.⁹ In addition, they are explicitly prohibited from paying interest or returns solely for holding them.⁹ The law prohibits algorithmic stablecoins from being classified as “payment stablecoins,” even if they are backed 1:1.¹² This prohibition is a direct response to past failures such as the collapse of Terra/Luna, demonstrating a lesson learned by lawmakers and a conservative approach to the definition of “stability.” This implies a regulatory preference for stablecoin models backed by tangible assets, which could stifle innovation in more complex models but also reduce systemic risk.
• Reserve and Transparency Requirements: To ensure stability and trust, the GENIUS Act requires 100% backing of stablecoins in circulation with high-quality liquid assets, such as US dollars or short-term Treasury bonds.⁸ Reserves cannot be rehypothecated or reused for other purposes, with very limited exceptions.⁹ Issuers must make monthly public disclosures about the composition of their reserves and publish clear redemption policies to protect consumers from deceptive practices.⁸ It is explicitly prohibited to claim that stablecoins are backed by the US government, federally insured, or legal tender.⁸
• Issuer Regulation: The law creates a dual federal regulatory system, allowing stablecoins to be issued by subsidiaries of insured depository institutions (IDIs), qualified federal issuers approved by the Office of the Comptroller of the Currency (OCC), or qualified state issuers (if their regulatory framework is substantially similar to the federal one and their total issuance is less than $10 billion, unless exempt).⁹ Public companies not primarily engaged in financial activities are generally prohibited from issuing stablecoins, unless unanimously approved by the Stablecoin Certification Review Committee (SCRC).⁹
• Combating Illegal Activities and Enforcing Sanctions: The law strengthens national security by requiring the regulation and registration of stablecoin issuers and coordinating with the Treasury Department in the enforcement of sanctions.⁸ Stablecoin issuers must have the technical ability to seize, freeze, or “burn” payment stablecoins when legally required and must comply with such orders.⁸ Issuers are designated as “financial institutions” under the Bank Secrecy Act (BSA), subjecting them to anti-money laundering (AML), know your customer (KYC), and transaction monitoring requirements.⁶
• Restrictions on Foreign Stablecoins: Foreign entities are generally prohibited from issuing stablecoins in the US unless they are a US-based “permitted issuer.”⁹ The offering or sale of stablecoins from foreign issuers to persons in the US is only permitted under strict conditions, including subjection to a comparable non-US regulatory regime and registration with the OCC.⁹
• Secondary Market: Beginning three years after enactment (July 18, 2028), it will be illegal for digital asset service providers to offer or sell payment stablecoins to persons in the US unless they have been issued by a permitted issuer.⁹
• DeFi and Self-Custody Exclusion: The law explicitly excludes distributed ledger protocols, their operators, and other decentralized finance (DeFi) activities from the definition of “digital asset service provider” and does not regulate direct P2P transfers or transactions facilitated by self-custody wallets.⁹ However, a study on the scope of “digital asset service provider” and its application to DeFi is required.⁹
• Stablecoin Certification Review Committee (SCRC): Composed of the Secretary of the Treasury, the Chair of the Federal Reserve, and the Chair of the FDIC, this committee is responsible for approving certifications from state regulators and recommending whether foreign regulatory regimes are comparable.⁹
• Effective Date: The law will take effect on the earlier of 18 months after enactment (January 18, 2027) or 120 days after the primary federal regulators of stablecoins issue final implementing regulations.⁹ Most regulations must be promulgated by July 18, 2026.⁹
• Preeminence of State Law: The law preempts state licensing laws for permitted issuers, but generally does not preempt state consumer protection laws.⁹

Table 2: Key Provisions of the GENIUS Act

Regulatory Area	Specific Provision	Impact/Requirement
Definition	“Payment Stablecoins”	Digital assets for payment/settlement, fixed value, redeemable issuance. Excludes algorithmic ones.
Reserves	1:1 backing	With USD/short-term treasuries; no rehypothecation; monthly public disclosures.
Issuers	Qualified Federal/State	Subsidiaries of IDIs, approved by OCC or states with comparable frameworks; prohibition on non-financial companies.
Consumer Protection	Priority in Insolvency	Stablecoin holders have priority over other creditors; Strict marketing rules (no government backing).
Illegal Activities	BSA/AML Compliance	Issuers designated as “financial institutions”; Ability to seize/freeze/burn stablecoins.
Foreign Stablecoins	Issuance/Sale Restrictions	General prohibition on issuance in the US; Strict conditions for offering/selling through service providers.
Prohibition on Interest	No Return on Holding	Payment of interest/returns to holders solely for holding stablecoins is not permitted.

This table is crucial because it breaks down the complex provisions of the GENIUS Act into an easy-to-digest format, allowing readers to quickly identify requirements and regulated areas. It also facilitates understanding of how different provisions interrelate to achieve the law’s objectives (e.g., how reserves connect to consumer protection) and serves as a quick checklist of key compliance requirements imposed by the new law for industry professionals.

Implications

The GENIUS Act has significant implications for various players in the ecosystem:

• For Issuers and Banks: It establishes a clear path for the issuance of stablecoins, which could attract more digital asset activity to the US.⁸ Banks could more easily expand into custody and tokenization services as regulatory barriers are eased.¹⁵ However, it also imposes rigorous compliance requirements, including designation as “financial institutions” under the Bank Secrecy Act (BSA) for AML/KYC compliance, which will require significant operational and control preparation.⁶
• For Investors and Consumers: The law seeks to increase confidence by ensuring the stability of stablecoins through full reserves and transparency, and by prioritizing holders in the event of insolvency.⁸ Although these coins will not be insured by the Federal Deposit Insurance Corporation (FDIC), the new rules offer protections that did not exist for speculative cryptocurrencies.¹⁴
• Impact on Financial Stability and U.S. Leadership: By requiring backing with high-quality assets and prohibiting rehypothecation, the law addresses financial stability risks and seeks to prevent bank runs in the stablecoin market.¹⁵ By providing clear rules, the law aims to attract more digital asset activity to the US and increase demand for Treasury bonds, reinforcing the global dominance of the US dollar.⁸

An important observation is the provision that prohibits members of Congress and their families from profiting from stablecoins ⁵, but excludes the President and his family.¹ This is notable given that the Trump family has a significant stake in World Liberty Financial, a crypto firm that launched its own stablecoin.¹ This situation reveals a tension between public ethics and private interests in policymaking. The combination of these facts raises questions about the integrity and fairness of the regulatory framework, suggesting that, despite the goal of “consumer protection,” there are potential conflicts of interest that could undermine public trust. This is a recurring theme in US politics, where legislators’ personal economic interests can influence legislation.

II. The CLARITY Act (Digital Asset Market Clarity Act): Towards General Regulatory Clarity for the Crypto Market

Main Objective

The CLARITY Act, formally known as the Digital Asset Market Clarity Act (H.R. 3633), was passed by the House of Representatives on July 17, 2025, with a vote of 294 to 134, and now moves on to the Senate.¹ Its central purpose is to resolve the long-standing regulatory ambiguity in the U.S. digital asset market, specifically the jurisdictional overlap between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).³

The bill seeks to establish a comprehensive regulatory framework that clearly defines which digital assets are securities and which are commodities, thereby providing legal certainty for market participants and fostering innovation in the US.³ It is based on the FIT21 (Financial Innovation and Technology for the 21st Century Act), which had been passed by the House in May 2024.³ The existence of the CLARITY Act, which is based on FIT21 but has been criticized for being “more deregulatory” ²¹, suggests that the legislative process is not simply technical, but an arena of intense pressure from the industry. The ability of the digital asset industry to influence key definitions and exemptions demonstrates its growing lobbying power.

Key Provisions

The CLARITY Act introduces the following main provisions:

• Clear Definitions and Assignment of Jurisdiction: The law establishes consistent legal definitions for terms such as “blockchain,” “digital asset,” and “digital commodity.”³ It assigns regulatory roles based on the nature and use of the asset and, crucially, on its level of decentralization.³ The SEC would oversee initial investment offerings (assets that start out as securities), while the CFTC would regulate digital commodities (such as Bitcoin) and digital commodity trading platforms once the underlying network is “mature” and decentralized.³
• Creation of “Investment Contract Assets”: This provision allows certain tokens that were initially classified as securities to be reclassified as commodities if they achieve a sufficient level of decentralization, providing a path out of securities regulation once the network matures.³
• Registration and AML Compliance Requirements: Exchanges, brokers, and dealers trading digital commodities must register with the CFTC.³ In addition, digital asset platforms will be treated as financial institutions under the Bank Secrecy Act (BSA), which entails rigorous AML and KYC obligations.³
• Limited Fundraising without SEC Registration: Projects can raise up to $75 million annually under specific disclosure requirements, provided their blockchain aspires to decentralization.³
• Self-Custody Rights Protection: The law guarantees the right of individuals to hold and use digital assets in their own wallets without the need for a bank or intermediary.³
• Continuous Project Disclosures: Issuers are required to share regular updates on blockchain development, token supply, finances, and project risks.³
• Rules for Excluding Unsafe Tokens: The SEC and CFTC must establish a joint process to remove non-compliant or risky digital assets from trading platforms.³
• Preservation of Existing Financial Laws: The law clarifies that it does not alter the regulation of traditional financial products such as futures, swaps, and securities.³
• International Coordination: It encourages cooperation with global regulators.³
• Criticism and Controversy: Despite support, consumer groups such as Americans for Financial Reform (AFR) have criticized the CLARITY Act, arguing that it is “worse” and “more deregulatory” than the previous FIT21 law.²¹ They point out that the law offers broader and longer-lasting regulatory exemptions for DeFi, and specifically exempts assets such as “meme coins” and NFTs from SEC or CFTC oversight, leaving investors with little or no regulatory protection in these areas.²¹ It is also argued that it weakens SEC oversight and allows issuers of crypto assets classified as securities to delay or defer full disclosure to investors.²¹ The stated goal of the CLARITY Act is to provide “regulatory clarity.”³ However, criticism that it is “worse than last year’s FIT21 crypto deregulation”²¹ suggests that this “clarity” could be a front for effective deregulation in high-risk areas. By explicitly exempting certain assets and activities (such as meme coins and NFTs, or much of DeFi) from robust federal oversight, the law could be creating “gray areas” that, while clear in their exclusion, are also clear in their lack of protection for investors. This raises the question of whether clarity is designed to encourage responsible innovation or to allow certain segments of the industry to operate with less scrutiny.

Table 3: Jurisdiction Assignment under the CLARITY Act

Type of Digital Asset	Classification Criteria	Primary Regulator (SEC/CFTC)	Regulatory Implications
Digital Assets (initially)	“Investment Contract Assets” (tokens that start as securities, with a path to decentralization)	SEC (for initial offerings and non-decentralized assets)	Disclosure requirements, registration.
Digital Assets (mature)	“Digital Commodities” (Bitcoin, other decentralized assets); Functional and decentralized network (no unilateral control, no 20%+ control by issuer/affiliate)	CFTC (for spot markets and trading platforms)	Platform registration, compliance with commodity trading rules.
Payment Stablecoins	Excluded from SEC/CFTC jurisdiction (except for fraud)	Regulated by GENIUS Act	Reserve requirements, transparency, etc.
Meme Coins/NFTs	Exempt from SEC/CFTC oversight (according to critics)	None (according to critics), or minimal	Little or no regulatory protection for investors.
DeFi	Excluded from definition of “digital asset service provider”	Little or no federal oversight (according to critics)	Security, fraud, and exploitation risks for investors.

This table is essential because it simplifies the complex allocation of jurisdiction between the SEC and the CFTC, one of the most debated aspects of crypto regulation, in a visually clear format. It allows market participants to quickly identify which regulator a specific type of digital asset would fall under, which is critical for compliance and business strategy. Furthermore, by including critiques of the exemption for meme coins/NFTs and DeFi, the table not only presents the facts, but also areas where “clarity” is perceived as a regulatory gap, adding a layer of critical analysis.

Current Status

The CLARITY Act was passed by the House of Representatives on July 17, 2025, and is now pending consideration in the Senate.¹

Implications

• For Exchange Platforms and Project Developers: The law promises a more predictable compliance environment, which could reduce legal uncertainty and encourage investment in the sector. Jurisdictional clarity and defined registration paths are seen as a major step forward.¹⁶
• Integration with Traditional Finance (TradFi): By establishing a clearer framework and requiring AML/KYC compliance, the law facilitates greater institutional participation and the integration of digital assets into the traditional financial system.¹⁶ The emphasis on integration with traditional finance, by allowing banks to custody digital assets and aligning crypto platforms with AML requirements, shows a clear strategy to incorporate the crypto industry into the existing financial system.
• Investor Protection: While supporters argue that the law improves investor protection through clear definitions and disclosure requirements ³, critics contend that exemptions for DeFi and certain speculative assets could leave significant loopholes, exposing retail investors to greater risks.²¹ La The CLARITY Act attempts to provide much-needed regulatory certainty by defining jurisdiction and creating avenues for registration. However, critics argue that this clarity comes at the expense of weakening investor protection, especially for decentralized finance and speculative assets such as meme coins and non-fungible tokens (NFTs). This situation highlights a fundamental tension in the regulation of digital assets.
• U.S. Leadership in Digital Finance: The passage of this law is a significant step for the U.S. to maintain its technological and financial leadership in the global cryptocurrency space, competing with regulatory frameworks from other jurisdictions such as the European Union’s MiCA.¹⁶

III. The Anti-CBDC Surveillance State Act (H.R. 1919): Prohibition of a Central Bank Digital Currency

Motivation and Principles

The Anti-CBDC Surveillance State Act (H.R. 1919), sponsored by Congressman Tom Emmer, was passed by the House of Representatives on July 17, 2025, with a vote of 219 to 210, and now goes to the Senate⁶

The primary motivation for this legislation is to protect the financial privacy and constitutional freedoms of US citizens.²⁴ Its proponents frame it as a safeguard against the creation of a central bank digital currency (CBDC) that, they argue, could be used as a tool for government surveillance, control, or “deplatforming” of citizens.²² The Trump administration has expressed strong support for this bill, stating that it “will never allow the creation of a central bank digital currency that could be used to surveil, control, or deplatform American citizens.”²⁵

The nearly unanimous vote ⁷ and the strong language used by the bill’s supporters (e.g., “Orwellian surveillance tool” ²²) demonstrate that the discussion about CBDC in the US has transcended monetary policy to become an ideological battleground over the role of government in the lives of citizens and the economy. This suggests that opposition to a CBDC is not just a matter of economic policy, but a manifestation of a broader view of individual freedom and state power.

Key Provisions

• Prohibition on the Issuance of CBDCs by the Federal Reserve: The law explicitly prohibits the Federal Reserve (Fed) from issuing a CBDC directly to individuals or indirectly through intermediaries or third parties.⁶ This seeks to prevent the Fed from becoming a retail bank with access to Americans’ personal financial data.²²
• Prevention of Monetary Policy Manipulation: The law makes it clear that the Fed cannot use a CBDC as a tool to implement monetary policy, thus preventing its use to manipulate the US economy.²²
• Congressional Authorization Requirement: The legislation states that the issuance of any government-created digital currency will require explicit authorization from Congress.²² This seeks to ensure that US digital currency policy remains in the hands of the American people and not the “Administrative State” or unelected bureaucrats.²²
• Codification of President Trump’s Executive Order: The law codifies a previous Executive Order by President Trump, issued in March, which already prohibited federal agencies from establishing, issuing, or promoting CBDCs.²² This ensures that future administrations cannot “weaponize” this technology against the American people.²² The law not only prohibits CBDC, but also “codifies” a previous Executive Order by President Trump that already prohibited federal agencies from exploring CBDCs. This legislative “codification” action is significant because it elevates a presidential policy to the force of law, making it much more difficult for future administrations to reverse without a new act of Congress. This demonstrates an intention to establish a lasting and far-reaching ban, shielding the anti-CBDC policy from potential future changes in the White House.
• Protecting Private Sector Innovation: The law seeks to protect innovation that reflects American values by ensuring that the development of digital money is driven by the free market and the private sector.²²

Current Status

The Anti-CBDC Surveillance State Act was passed by the House of Representatives on July 17, 2025, and is now pending consideration in the Senate.¹

Implications

• For the Future of Digital Money in the US: The House’s passage of this bill sends a clear signal that the US is leaning toward a private-sector-led digital currency model (especially regulated stablecoins), in contrast to many other countries that are actively exploring CBDCs.¹¹ This could accelerate the development and adoption of dollar-backed stablecoins as the primary form of “digital dollar” in the country. While dozens of countries are exploring or piloting CBDCs ¹¹, the US is taking the opposite stance by prohibiting a CBDC and simultaneously regulating and encouraging private stablecoins (GENIUS Act). This is a deliberate strategy to keep innovation in the private sector and avoid the perception of a “surveillance state.”.²⁴ The implication is that the US seeks to lead the digital currency space through the strength and global adoption of dollar-backed stablecoins issued by private entities, rather than a government-controlled digital currency. This could be a key differentiator in the geopolitical competition for the future of digital finance.
• Financial Privacy and Civil Liberties: Proponents of the law argue that it is essential to prevent government surveillance of financial transactions and protect individual autonomy.²² Critics of CBDCs fear that they could be used to “restrict Americans’ transactions” or “suppress politically unpopular activities.”²²
• Impact on the Traditional Banking Sector: Some experts and banking groups (such as the Independent Community Bankers of America) support the law, arguing that a CBDC could compete directly with bank deposits, affecting the availability of credit and eroding the traditional financial system.²⁶

IV. Comparative Analysis and Future Outlook

How these three legislative initiatives complement each other and shape the US regulatory landscape

July 2025 “Crypto Week” has revealed a multifaceted legislative strategy in the US. The GENIUS Act provides a specific and robust framework for stablecoins, which are seen as the main vehicle for the digitization of the dollar in the private sector. The CLARITY Act seeks to regulate the broader digital asset market, assigning jurisdiction and establishing rules for most cryptocurrencies and trading platforms. Finally, the Anti-CBDC Surveillance State Act closes the door on a digital currency issued by the Federal Reserve, consolidating the US preference for a private and decentralized digital currency ecosystem.¹ Together, these laws seek to create an environment of “clarity” for the industry, while strengthening consumer protection and national security, all under the aegis of maintaining the dollar’s global leadership.³

The asymmetry in legislative progress is an indicator of political consensus. The GENIUS Act, which regulates stablecoins, was signed by the President, indicating complete legislative consensus.⁵ In contrast, the CLARITY Act and the Anti-CBDC Surveillance State Act, although passed by the House, are pending in the Senate.¹ Furthermore, the vote on the Anti-CBDC Act was significantly more partisan ⁷ than that of GENIUS or CLARITY.¹ This asymmetry in progress and level of bipartisan support suggests that there is greater consensus on the need to regulate stablecoins as an integral part of the financial system, while regulation of the broader crypto market and prohibition of CBDCs are issues that still generate significant divisions and could face obstacles in the Senate. This reveals where the real consensus lies and where political battles persist.

Reactions from the industry, consumer groups, and experts

The cryptocurrency industry has greeted these developments with a mixture of optimism and caution. The passage of the GENIUS Act and the CLARITY Act is seen as a “historic victory” and a “massive validation” for the industry, as they provide much-needed regulatory clarity.¹ However, consumer groups such as Americans for Financial Reform have expressed serious concerns, arguing that the CLARITY Act, in particular, is “more deregulatory” than its predecessors and leaves significant gaps for investor protection in areas such as DeFi and NFTs.²¹ Legal experts point out that while the GENIUS Act is a comprehensive framework, the impact of the other two bills will depend on their eventual passage in the Senate and how secondary regulations are implemented.⁶

Pending challenges and the way forward for crypto legislation in the Senate

The main challenge is the Senate’s approval of the CLARITY Act and the Anti-CBDC Surveillance State Act. Although the CLARITY Act received bipartisan support in the House ¹, the Anti-CBDC Act had a much closer and more partisan vote ⁷, which could indicate a more difficult battle in the Senate. The industry will continue to push for these bills to move forward, seeking to consolidate the pro-innovation regulatory framework. However, concerns about consumer protection and potential regulatory loopholes raised by critics are likely to be central topics of debate in the upper chamber. The outcome in the Senate will determine the final scope and consistency of the US regulatory framework for digital assets.¹

There is a risk of regulatory fragmentation if the Senate does not act consistently. If the Senate does not pass the CLARITY Act and the Anti-CBDC Surveillance State Act, or if it substantially amends them, it could result in a fragmented regulatory framework for digital assets in the US. The GENIUS Act is already law, creating a framework for stablecoins. However, without the CLARITY Act, jurisdiction over other digital assets would remain ambiguous, and without the Anti-CBDC Act, policy on CBDCs could remain uncertain or subject to future executive orders. This could undermine the US’s goal of “clarity” and “leadership ³ by creating an inconsistent regulatory patchwork that could hinder innovation and protection.

Table 4: Impact of New Legislation on the Crypto Ecosystem

Ecosystem Actor	Potential Positive Impact	Challenges/Concerns
Stablecoin Issuers	Clear regulatory framework, legitimacy, attraction of investment.	Strict reserve requirements (1:1), AML/KYC compliance, prohibition of interest, ability to freeze/burn.
Exchanges/Trading Platforms	Jurisdictional clarity (SEC/CFTC), registration paths, self-custody protection.	High BSA/AML compliance, possible exclusion of certain assets (illegal after 3 years for non-permitted stablecoins), criticism for “covert deregulation” for DeFi/NFTs.
Investors and Consumers	Greater protection for stablecoins (reserves, priority in insolvency), greater transparency.	Possible lesser protection for DeFi, “meme coins” and NFTs (according to critics), risk of presidential conflict of interest.
Banks/TradFi	Facilitation of custody and tokenization services, deposit protection (without CBDC).	New compliance requirements for interaction with stablecoins.
DeFi Developers	Explicit exclusion from the definition of “digital asset service provider” (from the GENIUS Act and partially CLARITY).	Persistent regulatory uncertainty in areas not covered, criticism of “loopholes” that expose users.
US Government	Reinforcement of leadership in digital assets, strengthening of the dollar, combating illicit activities.	Navigating implementation, criticism of conflicts of interest and regulatory loopholes.

This table is valuable because it provides a multifaceted perspective on the impact of legislation, showing how the same bills can have different effects (positive and negative) on different actors in the crypto ecosystem. It allows the reader to quickly identify who benefits from the new regulation and who faces new challenges or concerns, which is essential for a complete understanding of the landscape. In addition, it concisely summarizes the practical implications of the legislation that would otherwise require extensive reading of multiple sections, improving the accessibility of the report for a busy professional audience.

Conclusion

Legislative developments of July 2025 represent a defining moment for cryptocurrency regulation in the United States. The enactment of the GENIUS Act lays a solid foundation for stablecoins, a crucial segment for mass adoption and integration with the traditional financial system. The House’s approval of the CLARITY Act and the Anti-CBDC Surveillance State Act, although still pending in the Senate, signal a clear direction toward resolving jurisdictional ambiguity and a firm stance against a CBDC, respectively.

Together, these initiatives reflect an effort to balance the promotion of innovation with the need for consumer protection, financial stability, and national security. The underlying goal is to consolidate the United States’ position as a global leader in the digital asset space, harnessing the potential of blockchain technology while mitigating the inherent risks.

The path to comprehensive and consistent crypto regulation in the US is an ongoing and complex process. While significant progress has been made, challenges remain, particularly in navigating political sensitivities and ensuring that laws keep pace with rapidly evolving technology. The implementation of these laws and the market response will be crucial in determining their long-term success. Crypto Week 2025 is not the end, but a new beginning in shaping the future of digital finance in the United States and, by extension, the world.

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