Congress’s “Crypto Week” reached a climax today as the House passed three historic bills proscribing the regulation of digital assets and the future financial economy.
The GENIUS Act on stablecoins will now go to President Trump’s desk. It is the first ever crypto law to pass the U.S. Congress.
The CLARITY Act covering market structure now ascends to the Senate, where Tim Scott, Chairman of the Senate Banking Committee, said he wanted to finalize the law by Sept. 30. The Senate Agriculture Committee, which will also need to pass the bill, held its first hearing on the topic earlier this week.
Another anti-CBDC (central bank digital currency) bill passed the House and now goes to the Senate, where its prospects are uncertain. It will be attached to the National Defense Authorization Act as part of an agreement House leadership made with the Freedom Caucus, which voted against a procedural motion earlier this week and held a redo vote open for over nine hours on Wednesday to force the issue.
In a press conference right after the votes, House Financial Services Chair French Hill said, “I knew that my target was to beat FIT21 [last year’s Financial Innovation and Technology for the 21st Century Act] and I made a bet with myself — and I won.”
The lawmakers, who included House Agriculture Chairman GT Thompson, Majority Whip Tom Emmer and Representatives Brian Steil and Dusty Johnson — all of whom sponsored one or more of the bills that passed Thursday — thanked their various partners in the Senate and House committees, noting the overwhelmingly bipartisan nature of the major bills’ support.
Here is how lawmakers, the crypto industry, and beyond, has been reacting to the historic news.
Lawmakers:
French Hill, Chair of House Financial Services Committee:
[CLARITY] is “landmark legislation that establishes clear rules of the road by creating a functional regulatory framework for digital assetsThis is the pivotal moment for American innovation and a critical step forward in protecting consumers and investors alike.”
On the GENIUS Act: “Diligent work in Congress to bring clarity to payment stablecoins has reached a historic turning point.I look forward to President Trump signing GENIUS into law in short order and working with our regulators on implementing this important bill to establish U.S. leadership in this space.”
Tom Emmer, House Majority Whip, Sponsor of the Anti-CBDC Bill:
“For years, we have worked to educate our colleagues on the dangers of this insidious technology, which would undermine our values and destroy Americans’ right to privacy. Now, we must codify it to ensure that the United States’ digital currency policy remains in the hands of the American people.”
Tim Scott, Senate Banking Committee Chair:
“For the first time in history, Congress has passed bipartisan digital assets legislation through both the Senate and the House. The GENIUS Act marks a major milestone in securing America’s leadership in payments innovation while protecting consumers and strengthening our national security.”
Kirsten Gillibrand, longtime Democrat sponsor of stablecoin legislation:
“House passage of the GENIUS Act is a historic milestone in our bipartisan effort to regulate stablecoins. This bill will empower American businesses and consumers and enable them to take advantage of the next iteration of financial innovation.”
Companies:
Dante Disparte, Circle head of policy and operations/chief strategy officer:
“The House vote… signals strong bipartisan support for responsible innovation and sends a clear message that the U.S. will lead in the regulation of dollar-backed payment stablecoins.”
Nathan McCauley, CEO of Anchorage Digital:
“The CLARITY Act is a meaningful step toward a more mature digital asset market structure. Knowing which assets are securities, which are commodities, and why that distinction matters is foundational for market transparency and integrating crypto into traditional finance … GENIUS will benefit every American—whether or not they hold crypto—by strengthening the reach of the U.S. dollar and enhancing our financial system.”
Lobbyists/activists
Ji Hun Kim, CEO Crypto Council for Innovation
“The passage of the GENIUS Act is a true watershed moment for the US. It is a defining step for responsible crypto policy and a clear demonstration of Congressional leadership. This comprehensive framework gives issuers, builders, and regulators the clear rules they have been asking for. It puts innovation and consumer protection first. The passage of GENIUS marks just the beginning of a new golden age for digital assets with America at the helm.”
Chuck Bell, Consumer Reports:
“Stablecoins should help consumers—not put them in harm’s way. Consumers increasingly encounter stablecoins in apps, wallets, and digital platforms—and they deserve clear rules and real protections. The GENIUS Act does not provide the safeguards that consumers reasonably expect when they use products that function like digital cash.”
Summer Mersinger, CEO Blockchain Association:
“For the first time, Congress has moved comprehensive legislation that provides enforceable, narrowly tailored rules for stablecoins — a foundational technology for the future of finance. This bill preserves the strength of the U.S. dollar, protects consumers, and creates the conditions for responsible innovation to flourish under American leadership.”
Mark Hays, associate director for cryptocurrency and financial technology at Americans for Financial Reform:
“Today’s House crypto votes are an ill omen for small investors and the financial system. The die is now cast: the crypto industry’s profligate political spending is very close to securing a light-touch regulatory framework for these volatile assets and predatory platforms that will mainstream crypto’s endemic scandals, instability, exploitation, and illicit financial dealings right into the fabric of the financial system. The gusher of campaign cash from the crypto industry is buying rubber stamped crypto policies that boost the industry’s bottom line while exposing consumers, investors, and the financial system to serious financial harm.”
