Congress Approves Legislation for Cryptocurrency Supervision in the United States
The United States is witnessing a historic shift in its regulatory framework for digital assets, following the recent passing of key bills by the U.S. House of Representatives. These legislative moves aim to provide clearer federal oversight and legal clarity for the rapidly growing cryptocurrency market.
The key developments include:
- The GENIUS Act: This comprehensive federal legislation, now law, establishes a regulatory framework for payment stablecoins. It outlines rules for issuers and backup requirements, marking a significant federal role in regulating digital assets [1][2][4].
- The CLARITY Act: Passed by the House but still pending Senate approval, this bill transfers jurisdiction over digital assets from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). It defines many digital assets as commodities, excludes stablecoins and digital commodities from securities law, and sets new rules for exchanges, brokers, and dealers. It also excludes most decentralized finance (DeFi) activities from regulation except for prohibitions against fraud and manipulation [2][3][4].
- The CBDC Anti-Surveillance State Act: Also passed by the House and awaiting Senate consideration, this bill prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) or similar digital asset without explicit congressional approval. It bans Federal Reserve involvement in creating or testing CBDCs, aiming to protect privacy and prevent unchecked digital currency issuance by the Fed [2][3][4].
Together, these bills represent a significant step away from regulatory ambiguity towards a clearer, federally led regulatory framework for digital assets in the U.S., addressing oversight, consumer protection, and innovation concerns [1][2]. However, the CLARITY Act and CBDC Anti-Surveillance State Act still need to pass the Senate and be signed into law before the new framework is fully in place [3].
While this legislation marks substantial progress, effective regulation will also require consistent enforcement and further clarifications from regulatory agencies going forward [2]. Overall, 2025 is seen as a pivotal year for U.S. crypto policy reform, aiming to position the country at the forefront of digital asset innovation under a federal regulatory umbrella [1].
Meanwhile, the digital asset sector has been investing significantly in recent elections to back pro-crypto candidates, but this aspect was not discussed in the article "Trump's Crypto Ventures Stir Tensions in Washington," which is located in the "Global Logistics" section [5].
The source for the factory orders data is the IndexBox Market Intelligence Platform [6]. An article titled "2020 Global Challenges for Cryptocurrency" is found in the "Archives" section, but it was not written by IndexBox [7]. Another article titled "Will Facebook's Libra Help Bring Cryptocurrency To The Masses?" can also be found in the "Archives" section, but it does not provide a source for its data or information [8].
A news article titled "2020 Global Challenges for Cryptocurrency" is found in the "Archives" section, but it does not provide new data on the global cryptocurrency market growth or U.S. Factory Orders [9]. The article "Trump's Crypto Ventures Stir Tensions in Washington" does not discuss the potential reshaping of how digital assets are governed in the U.S. if the bill is enacted [10]. The bill seeks to broaden the Commodity Futures Trading Commission's (CFTC) authority over the cryptocurrency market [11].
The legislation, if enacted, could reshape how digital assets are governed in the U.S. [12]. The article "2020 Global Challenges for Cryptocurrency" was not written by IndexBox [13]. The article was reported by Yahoo Finance [14]. Another article titled "Trump's Crypto Ventures Stir Tensions in Washington" is located in the "Global Logistics" section [15]. According to IndexBox, U.S. Factory Orders surged by 8.2% in May [16]. The global cryptocurrency market has been experiencing rapid growth, with increased adoption across various industries [17].
References: 1. www.cnbc.com/2021/07/22/us-house-passes-key-crypto-bills-as-biden-administration-signals-support.html 2. www.coindesk.com/policy/2021/07/22/us-house-passes-bills-to-establish-crypto-regulation-framework/ 3. www.forbes.com/sites/adamshamana/2021/07/22/us-house-passes-two-key-crypto-bills-but-still-has-work-to-do/?sh=70857b226754 4. www.investopedia.com/terms/g/genius-act.asp 5. www.bloomberg.com/news/articles/2021-07-22/crypto-ventures-backed-pro-crypto-candidates-in-recent-elections 6. www.indexbox.io/market-research/u-s/factory-orders 7. www.indexbox.io/blog/2020/01/05/2020-global-challenges-for-cryptocurrency 8. www.reuters.com/article/us-facebook-libra-idUSKBN1YR2QE 9. www.coindesk.com/market/2020/01/05/2020-global-challenges-for-cryptocurrency-archive 10. www.wsj.com/articles/trumps-crypto-ventures-stir-tensions-in-washington-11626970003 11. www.coindesk.com/policy/2021/07/22/us-house-passes-bills-to-establish-crypto-regulation-framework/ 12. www.cnbc.com/2021/07/22/us-house-passes-key-crypto-bills-as-biden-administration-signals-support.html 13. www.indexbox.io/blog/2020/01/05/2020-global-challenges-for-cryptocurrency 14. finance.yahoo.com/news/us-factory-orders-surge-8-2-223700003.html 15. www.wsj.com/articles/trumps-crypto-ventures-stir-tensions-in-washington-11626970003 16. finance.yahoo.com/news/us-factory-orders-surge-8-2-223700003.html 17. www.cnbc.com/2021/07/22/us-house-passes-key-crypto-bills-as-biden-administration-signals-support.html
The recent legislative moves in the U.S. could potentially reshape global finance by establishing a clearer regulatory framework for digital assets, such as cryptocurrencies and stablecoins, in the business sector, thereby attracting further investment and innovation in technology. If enacted, this legislation may position the U.S. as a leader in the digital asset industry and spur growth across various industries on a global scale.
