Original Title: From Uncertainty to Dominance - "Crypto Week" in D.C. - Stablecoins, CLARITY, and Anti-CBDC Bills
Original Author: Paul Veradittakit, Partner at Pantera Capital
Original Translation: Saoirse, Foresight News
Summary
· The "GENIUS Act" has been signed into law, establishing a unified standard for the issuance and reserves of stablecoins.
· The "CLARITY Act," passed by the House of Representatives, clarifies the regulatory scope of the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) over digital assets, and outlines the path for transitioning from SEC regulation to CFTC regulation.
· 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.
Brandon Smialowski / AFP
Event Review
Last week marked a historic advancement in U.S. cryptocurrency policy. During what Congress referred to as "Crypto Week," lawmakers pushed forward several landmark bills. On July 19, President Trump signed the "GENIUS Act," officially making it law. This news immediately boosted market sentiment, pushing the total cryptocurrency market cap to surpass $4 trillion for the first time, with stablecoin issuance reaching a new high of $261 billion. The act sets a unified standard for stablecoins, prompting financial giants like JPMorgan, Bank of America, PayPal, and Stripe to announce pilot programs. The clarity in cryptocurrency regulation has reduced uncertainty in the industry, allowing institutional investors to deploy previously idle funds, enabling large banks to enter the stablecoin market compliantly, and allowing users to transact more privately. This act firmly positions cryptocurrency as a core pillar of the next-generation financial internet, while also pushing the U.S. towards becoming the "global cryptocurrency capital."
After months of debate, the "CLARITY Act" passed the House with bipartisan support and is now rapidly moving to the Senate for consideration. This act clarifies the regulatory division of responsibilities between the SEC and CFTC regarding digital assets. Additionally, the "Anti-CBDC Act" has also made significant progress, being included in the NDAA, which prohibits the Federal Reserve from issuing a centralized digital dollar without explicit Congressional approval.
This is an exciting time for the cryptocurrency industry! Next, we will analyze the "GENIUS Act," the "CLARITY Act," and the "Anti-CBDC Act," as well as the significant implications of these developments for the industry.
The "GENIUS Act"
On May 19, the Senate passed the "GENIUS Act" with a vote of 66 in favor and 32 against, concluding the debate process. On July 17, Congress submitted the bill to President Trump, and on July 19, the President signed it into effect.
What is the "GENIUS Act"?
The "GENIUS Act" clarifies who is eligible to issue payment stablecoins and lists qualified instruments that can serve as reserves for stablecoins. This act fundamentally changes the market's perception of stablecoins, transforming them from mere trading instruments into institutional-grade payment channels. Stablecoins enable banks and fintech companies to deploy them as true "programmable dollars," achieving instant settlement and round-the-clock clearing. We believe this will unlock value across the entire value chain from machine payments to cross-border trade, while ensuring that global dollar liquidity remains under the supervision of U.S. regulators, ultimately leading to deeper market liquidity, lower settlement friction, and a more solidified position for the dollar in global markets.
· Compliant issuers include three categories: (1) federally regulated banks; (2) non-bank stablecoin issuers licensed by the Office of the Comptroller of the Currency (OCC); (3) state-chartered issuers, provided that the total market cap of their circulating stablecoins does not exceed $10 billion.
· The value of reserve assets must equal or exceed the total face value of all issued stablecoins.
· Qualified reserve instruments include: U.S. dollars held in cash, demand deposits, or custodial deposits; short-term government bonds with a maturity of no more than 93 days; and overnight reverse repurchase agreements fully collateralized by government bonds.
· Issuers must publish details of their reserve assets and circulation monthly and undergo independent audits annually to confirm a 1:1 asset backing ratio and asset compliance.
Although the act prohibits interest-bearing stablecoins, many projects may offer returns through alternative means, such as loyalty programs or rebate mechanisms, simulating yield effects without directly paying interest. This regulatory pressure is expected to accelerate consolidation in the stablecoin industry, with users likely to prefer the most attractive non-yield incentive platforms, while stablecoin providers with robust loyalty or reward systems may capture a larger market share, driving the industry from a fragmented "yield ecosystem" to a more centralized structure, ultimately dominated by a few leading players offering innovative compliant reward mechanisms.
The "CLARITY Act"
What is the "CLARITY Act"?
The "GENIUS Act" provides a clear framework for stablecoin regulation, but there has yet to be legislation ensuring that the trading infrastructure for stablecoins is decentralized and "trustless." The introduction of the "CLARITY Act" aims to fill this gap by clearly delineating the responsibilities of the SEC and CFTC in the regulation of digital assets.
The "CLARITY Act" provides precise legal definitions for "digital assets," "digital commodities," and "mature blockchain systems":
· Digital assets: Refers to the digital representation of value or rights recorded on a cryptographically secure distributed ledger.
· Digital commodities: Refers to fungible digital assets that are not securities, issued or existing on mature blockchain systems, and can be transferred between individuals without reliance on intermediaries.
· Mature blockchain systems: Refers to protocols that are functional, public, and sufficiently decentralized, with no individual or group able to unilaterally control the protocol rules or asset issuance.
Under the "CLARITY Act," the SEC is responsible for regulating tokens that possess "investment contract" attributes. These tokens are typically issued by projects under centralized control or in early development stages for fundraising. In contrast, the CFTC governs "digital commodities," which are fungible digital assets that are not securities and are based on mature blockchain systems. The act allows digital assets to "migrate" from SEC regulation to CFTC regulation once they achieve sufficient decentralization and widespread adoption.
Analysis of the "CLARITY Act"
The "CLARITY Act" clearly defines the essence of "decentralization":
· Mature blockchain systems must possess openness and interoperability. They must use open-source code and cannot restrict anyone from participating in the functional activities of the blockchain.
· Mature blockchain systems must have governance mechanisms. No individual or group may unilaterally modify the functionality and operational rules of the blockchain, and no individual or group may hold more than 20% of the total voting power of the blockchain.
For a project to transition from SEC regulation to CFTC regulation, it must achieve sufficient decentralization. Tokens regulated by the SEC are considered securities, with restrictions and regulatory requirements similar to those of publicly listed companies; whereas the regulatory requirements for digital commodities governed by the CFTC are more lenient, requiring no detailed reporting, imposing no access restrictions on tokens, and keeping the market open to all participants, without setting a "qualified investor" threshold.
Before the enactment of this act, cryptocurrency project teams faced a vague regulatory environment. No one could clearly define the standards for "decentralization," leading to prolonged legal pressure on the industry. Now, this situation has completely changed. The act provides a clear legal definition for decentralization, allowing teams to no longer chase constantly changing or unattainable goals, but instead have a clear, quantifiable benchmark. This certainty brings much-needed relief to industry innovators and paves the way for predictable development.
We believe this act will encourage project teams to find a balance between "moderate centralization for performance optimization" and "advancing decentralization for market access and regulatory benefits."
The "Anti-CBDC Act"
What is Central Bank Digital Currency (CBDC)?
Central Bank Digital Currency (CBDC) is the digital version of a country's legal tender, issued and regulated directly by the central bank. Compared to stablecoins, CBDCs are inherently more susceptible to government surveillance. Every transaction must go through a national centralized ledger, or can be monitored by it, allowing authorities to precisely track, analyze, and even restrict citizens' financial activities.
There is a fundamental difference between CBDCs and stablecoins: stablecoins are issued by private entities, backed by reserve assets such as fiat currency or government bonds, and thus lack the central bank guarantee that CBDCs possess. However, because stablecoins trade on public ledgers like Ethereum and Solana, their transactions are difficult for the government to scrutinize.
What is the "Anti-CBDC Act"?
The formal name of the "Anti-CBDC Act" is the "Anti-Central Bank Digital Currency Surveillance Act," a legislative measure aimed at preventing the Federal Reserve or any U.S. government agency from creating and implementing a central bank digital currency without explicit authorization from Congress. This provision prohibits the government from searching and seizing Americans' financial data, while also closing loopholes to prevent the indirect issuance of CBDCs through third-party intermediaries, and requires that any attempt to launch a U.S. digital dollar must first receive explicit formal approval from the legislative branch.
Analysis of the "Anti-CBDC Act"
The "Anti-CBDC Act" directs financial innovation and activities towards public decentralized blockchains rather than state-controlled ledgers. Together with the "GENIUS Act" and the "CLARITY Act," this legislative framework reveals a clear policy inclination: the U.S. government chooses to support stablecoins on decentralized ledgers rather than centralized digital currencies on licensed government ledgers.
This approach reduces the likelihood of state-led financial surveillance within a CBDC system, protecting individual financial privacy. By supporting decentralized infrastructure, this legislation aligns closely with the core spirit of blockchain, ensuring that users maintain sovereignty over their economic lives without the worry of transaction scrutiny.
Conclusion
Last week was a historic moment for the cryptocurrency industry.
· The "CLARITY Act" set clear standards for digital commodities.
· The "GENIUS Act" established clear rules for the issuance and operation of stablecoins.
· Ultimately, the "Anti-CBDC Act" within the National Defense Authorization Act eliminated the risk of government surveillance, protected privacy, and incentivized the development of decentralized networks.
As U.S. cryptocurrency regulation becomes increasingly clear, the industry is experiencing a strong recovery centered around the United States. We are witnessing a surge in demand for local talent: teams that previously moved overseas are returning to the U.S., and many projects are actively recruiting experts in policy, developer relations, and business development from within the country.
The token issuance model is also shifting towards "adapting to the U.S. market": many projects are no longer defaulting to the offshore foundation model, but instead choosing to issue tokens directly through Delaware entities; token economic models are being redesigned to better align with U.S. market expectations. As seen in the case of OpenSea, airdrop activities are increasingly targeting U.S. users; mainstream platforms like Telegram are also launching Web3 wallets and mini-programs for U.S. users, highlighting a renewed focus on the U.S. market.
This new era of regulatory certainty is injecting powerful momentum into the digital asset industry, driving the flourishing of innovative stablecoin banks and payment companies. Whether industry leaders or agile newcomers, all are rapidly rolling out institutional-grade solutions in custody, liquidity, compliance, and privacy protection, which are the core pillars of a mature crypto ecosystem. After 12 years of industry evolution, we have never been this optimistic. With rapid development momentum and a solid legal framework, the U.S. is quickly solidifying its unshakeable position as the "global cryptocurrency capital."
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