The advancement of three key bills has fundamentally injected certainty into the crypto industry and positioned the U.S. as a frontrunner in the global crypto competition.
Author: Paul Veradittakit, Partner at Pantera Capital
Compiled by: Saoirse, Foresight News

• The GENIUS Act has been signed into law, establishing unified standards for stablecoin issuance and reserves.

• The CLARITY Act, passed by the House, clarifies the regulatory jurisdictions of the SEC and CFTC over digital assets and outlines a transition path from SEC to CFTC oversight.

• The Anti-CBDC Act, included in the National Defense Authorization Act (NDAA), prohibits the Federal Reserve from issuing a centralized digital dollar without congressional approval, advocating for decentralized solutions.

Has Washington's "Crypto Week" Secured U.S. Crypto Supremacy?

Photo by Brandon Smialowski / AFP via Getty Images

Last week marked a historic milestone for U.S. crypto policy. During what Congress dubbed "Crypto Week," lawmakers advanced several landmark bills. On July 19, President Trump signed the GENIUS Act into law, immediately boosting market sentiment and pushing the total crypto market cap past $4 trillion for the first time, with stablecoin issuance hitting a record $261 billion.

The GENIUS Act sets uniform standards for stablecoins, prompting financial giants like JPMorgan, Bank of America, PayPal, and Stripe to announce pilot programs. Regulatory clarity has reduced industry uncertainty, enabling institutional investors to deploy idle capital, banks to enter the stablecoin market compliantly, and users to transact more privately. This bill solidifies crypto as a core pillar of the next-gen financial internet while positioning the U.S. as the "global crypto capital."

Meanwhile, after months of debate, the CLARITY Act passed the House with bipartisan support and is now fast-tracked for Senate review. It delineates the SEC and CFTC's roles in digital asset oversight. Additionally, the Anti-CBDC Act made significant progress by being incorporated into the NDAA, barring the Fed from issuing a centralized digital dollar without explicit congressional approval.

This is an exhilarating time for crypto! Below, we break down the GENIUS Act, CLARITY Act, and Anti-CBDC Act, along with their implications for the industry.

On May 19, the Senate voted 66-32 to end debate on the GENIUS Act. On July 17, Congress sent it to President Trump's desk, and on July 19, it was signed into law.

• Defines who can issue payment stablecoins and lists eligible reserve assets.

• Transforms stablecoins from mere trading instruments into institutional-grade payment rails, enabling banks and fintech firms to deploy them as "programmable dollars" for instant, 24/7 settlement.

• Ensures global dollar liquidity remains under U.S. regulatory oversight, enhancing market depth and reinforcing the dollar's dominance.

1. Eligible Issuers:

   • Federally regulated banks.

   • Non-bank issuers licensed by the OCC.

   • State-chartered issuers (capped at $10B in circulating stablecoins).

2. Reserve Requirements:

   • Must hold 100%+ collateral in:

     • Cash, demand deposits, or insured bank deposits.

     • T-bills with ≤93-day maturities.

     • Overnight reverse repos fully backed by Treasuries.

3. Transparency:

   • Monthly reserve disclosures + annual audits to verify 1:1 backing.

• Bans interest-bearing stablecoins, but projects may circumvent this via loyalty programs or rebates.

• Accelerates industry consolidation, favoring players with robust reward systems.

• Paves the way for "programmable money" in machine payments, cross-border trade, and more.

While the GENIUS Act regulates stablecoins, the CLARITY Act ensures their trading infrastructure remains decentralized and "trustless." It provides legal definitions for:

• Digital Assets: Digitally represented value/rights on a blockchain.

• Digital Commodities: Fungible assets not classified as securities, transferable without intermediaries.

• Mature Blockchain Systems: Functional, public, and sufficiently decentralized (no single entity controls >20% of governance).

• SEC oversees tokens as "investment contracts" (centralized/early-stage projects).

• CFTC governs "digital commodities" (decentralized/mature systems).

• Projects can transition from SEC to CFTC by achieving decentralization.

• Ends regulatory ambiguity—teams now have clear benchmarks for decentralization.

• Balances performance optimization (some centralization) vs. regulatory benefits (decentralization).

A central bank digital currency (CBDC) is a government-issued digital fiat. Unlike stablecoins, CBDCs enable state surveillance—every transaction is trackable/censorable.

• Bans the Fed from issuing a CBDC without congressional approval.

• Prohibits financial data searches/seizures and closes loopholes for indirect CBDC issuance.

• Channels innovation toward decentralized stablecoins (e.g., on Ethereum, Solana) over state-controlled ledgers.

• Protects financial privacy and aligns with crypto’s ethos of self-sovereignty.

• Reinforces the U.S. preference for private stablecoins over government-run digital cash.

Last week was historic for crypto:

1. CLARITY Act → Clear rules for digital commodities.

2. GENIUS Act → Stablecoin standardization.

3. Anti-CBDC Act → No Fed surveillance coin.

With regulatory clarity, the U.S. is witnessing:

• Talent回流: Teams are relocating back from overseas.

• Token Launches: More Delaware-based entities (vs. offshore foundations).

• Market Focus: Airdrops and products increasingly target U.S. users (e.g., OpenSea, Telegram Web3 wallets).

The era of "compliant crypto" is here. From custody to liquidity solutions, institutions are building the infrastructure for a mature ecosystem. After 12 years of evolution, the U.S. is cementing its status as the undisputed global crypto hub.

History is being written—and it’s decentralized.

The advancement of three key bills has fundamentally injected certainty into the crypto industry and positioned the U.S. as a frontrunner in the global crypto competition.
Author: Paul Veradittakit, Partner at Pantera Capital
Compiled by: Saoirse, Foresight News

• The GENIUS Act has been signed into law, establishing unified standards for stablecoin issuance and reserves.

• The CLARITY Act, passed by the House, clarifies the regulatory jurisdictions of the SEC and CFTC over digital assets and outlines a transition path from SEC to CFTC oversight.

• The Anti-CBDC Act, included in the National Defense Authorization Act (NDAA), prohibits the Federal Reserve from issuing a centralized digital dollar without congressional approval, advocating for decentralized solutions.

Has Washington's "Crypto Week" Secured U.S. Crypto Supremacy?

Photo by Brandon Smialowski / AFP via Getty Images

Last week marked a historic milestone for U.S. crypto policy. During what Congress dubbed "Crypto Week," lawmakers advanced several landmark bills. On July 19, President Trump signed the GENIUS Act into law, immediately boosting market sentiment and pushing the total crypto market cap past $4 trillion for the first time, with stablecoin issuance hitting a record $261 billion.

The GENIUS Act sets uniform standards for stablecoins, prompting financial giants like JPMorgan, Bank of America, PayPal, and Stripe to announce pilot programs. Regulatory clarity has reduced industry uncertainty, enabling institutional investors to deploy idle capital, banks to enter the stablecoin market compliantly, and users to transact more privately. This bill solidifies crypto as a core pillar of the next-gen financial internet while positioning the U.S. as the "global crypto capital."

Meanwhile, after months of debate, the CLARITY Act passed the House with bipartisan support and is now fast-tracked for Senate review. It delineates the SEC and CFTC's roles in digital asset oversight. Additionally, the Anti-CBDC Act made significant progress by being incorporated into the NDAA, barring the Fed from issuing a centralized digital dollar without explicit congressional approval.

This is an exhilarating time for crypto! Below, we break down the GENIUS Act, CLARITY Act, and Anti-CBDC Act, along with their implications for the industry.

On May 19, the Senate voted 66-32 to end debate on the GENIUS Act. On July 17, Congress sent it to President Trump's desk, and on July 19, it was signed into law.

• Defines who can issue payment stablecoins and lists eligible reserve assets.

• Transforms stablecoins from mere trading instruments into institutional-grade payment rails, enabling banks and fintech firms to deploy them as "programmable dollars" for instant, 24/7 settlement.

• Ensures global dollar liquidity remains under U.S. regulatory oversight, enhancing market depth and reinforcing the dollar's dominance.

1. Eligible Issuers:

   • Federally regulated banks.

   • Non-bank issuers licensed by the OCC.

   • State-chartered issuers (capped at $10B in circulating stablecoins).

2. Reserve Requirements:

   • Must hold 100%+ collateral in:

     • Cash, demand deposits, or insured bank deposits.

     • T-bills with ≤93-day maturities.

     • Overnight reverse repos fully backed by Treasuries.

3. Transparency:

   • Monthly reserve disclosures + annual audits to verify 1:1 backing.

• Bans interest-bearing stablecoins, but projects may circumvent this via loyalty programs or rebates.

• Accelerates industry consolidation, favoring players with robust reward systems.

• Paves the way for "programmable money" in machine payments, cross-border trade, and more.

While the GENIUS Act regulates stablecoins, the CLARITY Act ensures their trading infrastructure remains decentralized and "trustless." It provides legal definitions for:

• Digital Assets: Digitally represented value/rights on a blockchain.

• Digital Commodities: Fungible assets not classified as securities, transferable without intermediaries.

• Mature Blockchain Systems: Functional, public, and sufficiently decentralized (no single entity controls >20% of governance).

• SEC oversees tokens as "investment contracts" (centralized/early-stage projects).

• CFTC governs "digital commodities" (decentralized/mature systems).

• Projects can transition from SEC to CFTC by achieving decentralization.

• Ends regulatory ambiguity—teams now have clear benchmarks for decentralization.

• Balances performance optimization (some centralization) vs. regulatory benefits (decentralization).

A central bank digital currency (CBDC) is a government-issued digital fiat. Unlike stablecoins, CBDCs enable state surveillance—every transaction is trackable/censorable.

• Bans the Fed from issuing a CBDC without congressional approval.

• Prohibits financial data searches/seizures and closes loopholes for indirect CBDC issuance.

• Channels innovation toward decentralized stablecoins (e.g., on Ethereum, Solana) over state-controlled ledgers.

• Protects financial privacy and aligns with crypto’s ethos of self-sovereignty.

• Reinforces the U.S. preference for private stablecoins over government-run digital cash.

Last week was historic for crypto:

1. CLARITY Act → Clear rules for digital commodities.

2. GENIUS Act → Stablecoin standardization.

3. Anti-CBDC Act → No Fed surveillance coin.

With regulatory clarity, the U.S. is witnessing:

• Talent回流: Teams are relocating back from overseas.

• Token Launches: More Delaware-based entities (vs. offshore foundations).

• Market Focus: Airdrops and products increasingly target U.S. users (e.g., OpenSea, Telegram Web3 wallets).

The era of "compliant crypto" is here. From custody to liquidity solutions, institutions are building the infrastructure for a mature ecosystem. After 12 years of evolution, the U.S. is cementing its status as the undisputed global crypto hub.

History is being written—and it’s decentralized.