Congress is considering several bills that would provide more regulatory clarity to the emerging cryptocurrency industry and give investors more certainty about putting some of their portfolio into digital assets.
The House of Representatives is considering several bills this week that would establish new regulations governing crypto and digital assets, bringing more structure to the industry in a push to make good on President Donald Trump’s pledge to make the U.S. the “crypto capital of the world.”
The industry has grown rapidly in recent years amid an uncertain regulatory environment, and the establishment of new regulatory frameworks outlined in those bills could drive further growth and give investors more ways to invest in the space.
Among those bills is the Senate-passed Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which would establish a definition for payment stablecoins that establishes them as a digital asset used for payment or settlement that’s pegged to a fixed monetary value.
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It would also establish procedures for firms seeking licenses to issue stablecoins, along with reserve requirements and regulatory standards for issuers.
The CLARITY Act would establish a regulatory framework for digital assets that rely on a blockchain for their value.
It would require the Commodity Futures Trading Commission (CFTC) to regulate digital commodities and establish provisional registration requirements for digital commodity exchanges, brokers and dealers. Digital assets on the blockchain would have to be mature or on a blockchain with decentralized control to qualify to be traded on an exchange, unless the issuer fails certain reports.
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Digital commodities on mature blockchains and those expected to reach maturity within certain timeframes would be exempt from Securities and Exchange Commission registration rules if their annual
Additionally, the bill would require that digital commodity exchanges, brokers and dealers comply with the Bank Secrecy Act for anti-money laundering and related purposes.
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A third bill has also been under consideration by the House, although efforts to combine it with the GENIUS Act and CLARITY Act into a single package that delayed votes have since been abandoned.
The Anti-CBDC Surveillance State Act, which blocks the government from issuing its own digital currency, will instead be attached to a defense bill that will be considered separately.
The House is expected to vote on the GENIUS Act and the CLARITY Act as standalone bills on Thursday.
Fox News Digital’s Elizabeth Elkind contributed to this report.
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