Results of Crypto Week in the US: which laws have been passed?
Last week saw "Crypto Week" unfold in Washington. From 14 to 18 July, three groundbreaking crypto‑related bills were debated in the House of Representatives. Through in‑depth debates and discussions, all three major Acts were reviewed and ultimately approved. Here‘s what was decided.
Republicans voted almost unanimously in favour. The GENIUS Act received more Democratic support than the other proposals, partly because it represents the first comprehensive attempt to regulate stablecoins with clear rules around reserves and transparency. However, the bill is not without controversy. Critics highlight political interests: stablecoin initiatives tied to family members of President Trump could benefit, raising concerns of potential conflicts of interest.
This was no easy feat: the proposal survived a tense ten-hour voting session in the House and was ultimately adopted by a clear majority (294–134). Again, nearly all Republicans voted in favour, while many Democrats viewed it as a weakening of the SEC‘s authority and a kind of ‘gift‘ to the crypto industry. It was primarily Democrats from fintech‑oriented districts who supported the measure. The bill now heads to the Senate.
For Republicans, the bill represents protection from potential state control. Democrats saw such a ban as premature, arguing the US should still experiment. Several critics argue this would leave the US lagging behind, with over 70 countries already exploring similar CBDC initiatives.
Crypto Week did not start smoothly. An initial procedural proposal to vote on all three laws at once failed after political deadlock between supporters and opponents—partly over the roles of the president and vice‑president in the new frameworks. Trump himself played a decisive role, pushing for fast approval of the GENIUS Act. Even some initial opponents later changed their stance.
2. Senate process: The CLARITY Act and the Anti‑CBDC law must still be reviewed by the Senate. The CLARITY Act enjoys broader support, though amendments—especially on consumer protection—are possible.
3. Regulation and implementation: Once enacted, the SEC, CFTC and other agencies will begin drafting guidelines, registering firms, building oversight structures and issuing compliance frameworks for stablecoin reserves.
4. Accessibility and oversight: These laws promise legal clarity for start‑ups and investors, but also face criticism over potential conflicts of interest and insufficient protection for retail investors.
Disclaimer: This is not financial advice. Always do your own research and seek professional counsel.
1. GENIUS Act: stability for stablecoins
The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) was the first to receive approval. On 17 July, the House voted 308–122 in favour of the bill. What does the GENIUS Act entail? Stablecoins—cryptocurrencies pegged to the US dollar—must now be backed 1:1 by liquid assets such as cash or short‑term government bonds. Monthly disclosure of reserves and anti‑money‑laundering measures is mandatory. The goal: investor protection and greater trust in financial innovation.Republicans voted almost unanimously in favour. The GENIUS Act received more Democratic support than the other proposals, partly because it represents the first comprehensive attempt to regulate stablecoins with clear rules around reserves and transparency. However, the bill is not without controversy. Critics highlight political interests: stablecoin initiatives tied to family members of President Trump could benefit, raising concerns of potential conflicts of interest.
2. CLARITY Act: who regulates what?
The second legal framework is the Digital Asset Market Structure Clarity Act, better known as the CLARITY Act. This law defines digital assets—from blockchain to tokens—and assigns regulatory responsibilities: the SEC for investment contracts and the CFTC for commodity‑like assets. It also introduces registration, disclosure and delisting procedures. Companies may raise up to $75 million annually under certain decentralisation conditions.This was no easy feat: the proposal survived a tense ten-hour voting session in the House and was ultimately adopted by a clear majority (294–134). Again, nearly all Republicans voted in favour, while many Democrats viewed it as a weakening of the SEC‘s authority and a kind of ‘gift‘ to the crypto industry. It was primarily Democrats from fintech‑oriented districts who supported the measure. The bill now heads to the Senate.
3. Anti‑CBDC Surveillance State Act: keeping the Fed out of the (digital) ether
At the same time, the Anti‑CBDC Surveillance State Act passed the House (219–210), explicitly prohibiting the Federal Reserve from issuing a digital dollar (CBDC, or Central Bank Digital Currency). A CBDC is a digital version of the US dollar issued and managed by the Fed. This bill was the most polarising. Supporters argue a Fed‑backed CBDC could allow excessive surveillance of ordinary citizens, framing the bill as a necessary limit on government overreach.For Republicans, the bill represents protection from potential state control. Democrats saw such a ban as premature, arguing the US should still experiment. Several critics argue this would leave the US lagging behind, with over 70 countries already exploring similar CBDC initiatives.
Background to Crypto Week and political twist
Until recently, the US crypto market operated largely under legal uncertainty. The SEC treated many cryptocurrencies as securities and pursued several firms including Ripple, while the CFTC viewed some tokens as commodities. This overlap created confusion, lawsuits, and investor hesitance. The lack of clear legislation was increasingly seen as a brake on innovation—especially when compared to the UK, Switzerland, or even the EU (MiCA regulations). Republicans positioned themselves as pro‑innovation and crypto‑friendly, while Democrats were divided.Crypto Week did not start smoothly. An initial procedural proposal to vote on all three laws at once failed after political deadlock between supporters and opponents—partly over the roles of the president and vice‑president in the new frameworks. Trump himself played a decisive role, pushing for fast approval of the GENIUS Act. Even some initial opponents later changed their stance.
What‘s next?
1. Presidential signature: The GENIUS Act now awaits President Trump‘s signature, which is widely expected to follow shortly.2. Senate process: The CLARITY Act and the Anti‑CBDC law must still be reviewed by the Senate. The CLARITY Act enjoys broader support, though amendments—especially on consumer protection—are possible.
3. Regulation and implementation: Once enacted, the SEC, CFTC and other agencies will begin drafting guidelines, registering firms, building oversight structures and issuing compliance frameworks for stablecoin reserves.
4. Accessibility and oversight: These laws promise legal clarity for start‑ups and investors, but also face criticism over potential conflicts of interest and insufficient protection for retail investors.
In summary
According to supporters, these laws mark the start of a regulated, innovative crypto landscape in the US. Still, a mix of progress and caution is needed. Nothing is final, and political, technical and ethical questions remain far from resolved.Disclaimer: This is not financial advice. Always do your own research and seek professional counsel.