A conversation at the White House Rose Garden ignited the crypto defense battle in the U.S. Congress this summer. Former President Trump recently publicly declared,
"I will sign the first nationwide stablecoin bill in August."
The House of Representatives immediately announced a "Crypto Week" in mid-July, simultaneously reviewing the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act. This tightly scheduled legislative marathon is seen as a key bill between the global status of the U.S. dollar and financial privacy.
Stablecoin Legislation: GENIUS Act Rapidly Advancing
The Senate passed the GENIUS Act on June 17 with a vote of 68 to 30. The bill requires stablecoin issuers to maintain reserves in 100% U.S. dollars or equivalent liquid assets, with annual audits required for issuers exceeding $50 billion in scale; overseas operators must meet higher thresholds to operate in the U.S.
The Sullivan & Cromwell report notes that large operators like Tether and Circle will need to disclose asset allocation details and increase audit transparency. Trump's August signing deadline accelerates the bill at an unusual speed, highlighting the Republican strategy to strengthen the dollar's influence through stablecoins.
CLARITY Act: Defining Regulatory Boundaries
The House will simultaneously review the CLARITY Act (Clarity for Digital Assets Act). The bill creates a "digital commodity" classification, moving most blockchain assets from the SEC to CFTC oversight, and proposes "mature blockchain" exemptions and DeFi exception clauses.
This bill will provide a clear compliance path for exchanges, issuers, and investors, and avoid overlapping jurisdictions between the SEC and CFTC. House Speaker Mike Johnson and Majority Whip Tom Emmer emphasized that a clear framework is a prerequisite for promoting the growth of the U.S. crypto industry.
Anti-CBDC Act: Financial Privacy Defense Battle
The Anti-CBDC Surveillance State Act advocates banning the Federal Reserve from directly issuing central bank digital currencies to individuals, arguing to prevent government monitoring tools from eroding property and privacy rights. Republicans believe that the paths of the EU Digital Euro and China's Digital Yuan show that national-level digital currencies, while potentially improving payment efficiency, may create comprehensive surveillance. The U.S. is choosing to wait and see, currently focusing its strategy on commercial stablecoins and private innovation.
Political Betting
The Block reported that some Democratic lawmakers questioned whether the Trump family profited $620 million from DeFi and meme coins, suggesting the bill might favor the industry and involve conflicts of interest. Whether these three bills can be passed consecutively and when they will be implemented will affect investors' pricing of the U.S. regulatory direction.
