Crypto Expers Hail Clarity Act And GENIUS Act As Turning Point For The Industry
Three pivotal digital asset bills have passed a House vote, with experts predicting long-ranging consequences for the industry.
After some delay, U.S. lawmakers approved three key digital asset bills that are expected to have significant implications for the entire digital asset sector. On Friday, July 18, the U.S. House approved the Clarity Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act, marking a major victory for regulatory clarity.
The Clarity Act, in particular, delineates a clear jurisdictional boundary between the Securities and Exchange Commission and the Commodity Futures Trading Commission. This is especially important, as overlapping and conflicting jurisdictions have been a major source of uncertainty for crypto firms.
“This legislation brings needed structure to a fragmented regulatory landscape by establishing fit-for-purpose rules. It clarifies the roles of the SEC and CFTC, strengthens investor protections, recognizes the importance of decentralization, and gives developers a clear path to build,” CCI CEO Ji Hun Kim said.
Yuval Rooz, CEO and co-founder of Digital Asset, praised the bipartisan passage of the bill. He noted that the legislation will allow crypto firms to innovate with greater confidence. “I hope this legislation helps spur a safer and more open financial ecosystem,” Rooz said.
The GENIUS Act, another core piece of legislation, is expected to significantly impact leading stablecoins, including USDC and USDT. According to Greg Magadini, the Act’s transparency requirements could benefit USDC, which stands to gain market share from USDT. In addition, stablecoin regulation is likely to influence government debt markets.
“One of the main elements of the Genius Act is the requirement for stablecoins to be backed 1-to-1 by highly liquid reserves (think US Treasury bills). This creates an implicit partnership with the US government,” Magadini explained.
Still, the bill’s most transformative effect may be in how it opens the door for traditional financial institutions to safely engage with DeFi, said Eli Cohen, General Counsel at Centrifuge. This shift could unlock major opportunities for financial innovation and deliver a meaningful boost to the real-world asset (RWA) market.
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