U.S. crypto policy shifts significantly over the past two weeks, as articulated by Kristin Smith.
In a significant move for the digital finance sector, a series of new legislations have been passed, shaping the course of the industry in the United States for years to come.
On July 18, 2025, President Donald Trump signed the GENIUS Act into law. This federal regulatory framework establishes a legal architecture for stablecoin issuers, differentiating between large and small issuers. Large stablecoin issuers will now be supervised by federal entities such as the Federal Reserve, FDIC, and the Office of the Comptroller of the Currency, while small stablecoin issuers will fall under state jurisdiction. The GENIUS Act introduces strict authorization, backed reserves, periodic audits, and transparent consumer disclosure requirements.
The GENIUS Act also excludes stablecoins from the definitions of "value" or "commodity", removing them from the direct purview of the SEC and CFTC. This move is aimed at providing clarity and reducing regulatory ambiguity in the stablecoin market.
Another significant piece of legislation is the CLARITY Act, which precisely delineates which regulatory agencies have jurisdiction over different types of crypto-assets. The CLARITY Act aims to avoid regulatory overlaps and provide greater legal certainty for ecosystem actors.
A bipartisan group of senators, including Tim Scott, Cynthia Lummis, Bill Hagerty, and Bernie Moreno, are working on a bill draft aimed at establishing a clear and coherent framework for the trading, custody, and issuance of cryptocurrencies. Their commitment to refining this regulation underscores their desire to build trust and a legal environment that benefits issuers, investors, and developers alike.
The All Investors Opportunity Equality Act, modernizing the investor accreditation system to include knowledge as an enabling factor for investment opportunities, was also passed. This act is seen as a step towards economic inclusion in the crypto sector by Kristin Smith, the executive director of the Blockchain Association.
The Senate assumes a crucial role in the regulation of digital assets during the August regulatory pause. Twelve Democratic senators, including Ruben Gallego and Mark Warner, are working on a legislative framework to create clear and coherent regulations for the trading, custody, and issuance of cryptocurrencies in the United States.
The President's Working Group on Digital Assets presented a 180-day report on July 30th, outlining regulatory and legislative priorities for the sector's future. The goal of the senators' initiative is to keep the US as the leader in financial innovation.
The passage of these legislations and the senators' initiative could shape the course of digital finance in the United States for years to come. The new legislation in the All Investors Opportunity Equality Act, the CLARITY Act, and the GENIUS Act are milestones for the cryptocurrency industry and the country, according to Kristin Smith, the executive director of the Blockchain Association. The legislative fall will be pivotal in establishing a solid and reliable regulatory framework for the crypto industry.
However, the story doesn't end here. Anti-CBDC legislation was passed, limiting the development of central bank digital currencies. The road to a fully regulated and trusted digital finance sector is long, but with these legislative milestones, the United States is taking a significant step forward.
