GENIUS, Clarity and the CBDC Ban

Three different crypto bills could potentially pass through the House of Representatives in the next few days: the GENIUS Act, the Clarity Act, and the Anti-CBDC Act.

The “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025” (GENIUS) Act would set up a framework for overseeing stablecoins. It has already passed the Senate, so it has a solid chance of becoming the first crypto-focused bill to be signed into law by the federal government.

The “Digital Asset Market Clarity Act of 2025” (Clarity) Act, meanwhile, is a meatier piece of legislation that would create clear jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the regulation of digital assets.

The crypto industry has been waiting for such a bill for a long time, Katherine Dowling, general counsel at Bitwise, told CoinDesk.

This Clarity Act does not have a counterpart in the Senate yet, though multiple hearings on the topic have been held, and the hope is that the legislation will be inked into law before the end of the year.

As for the Anti-CBDC Surveillance State Act, it would prohibit the U.S. from creating its own central bank digital currency.

“If not designed to be open, permissionless, and private — resembling cash — a government-issued CBDC is nothing more than an Orwellian surveillance tool that would be used to erode the American way of life. We’re not going to let that happen,” the bill’s sponsor, House Majority Whip Tom Emmer, posted back in the spring. This bill does not have a counterpart in the Senate either.

All three pieces of legislation are expected to pass the House with bipartisan support. That would be a big win for the industry. The bills aren’t flawless, Dowling said, but even an imperfect framework will dispel the current regulatory ambiguity and help crypto companies operate in the U.S. The rough spots will likely be smoothed out over time, she argued.

“Other countries are already in the race, while we’re still lacing up our shoes,” she told CoinDesk. But Washington has changed its attitude towards crypto incredibly quickly since Donald Trump’s re-election and former SEC Chair Gary Gensler’s departure, she said.

“You have to keep that momentum up. Labeling it ‘Crypto Week’ and having it part of the presidential agenda is really so important,” she said.