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Congress Moves Forward on Digital Asset Regulations With GENIUS and CLARITY Acts
In a significant development, the US Congress has moved forward on digital asset regulations by passing two crucial bills, dubbed the GENIUS and CLARITY Acts. The House of Representatives approved the GENIUS Act with an overwhelming vote of 307-122, while the CLARITY Act gained support from 294 members of the lower chamber.
The GENIUS Act is aimed at establishing a federal framework for the issuance and supervision of payment stablecoins. Under this legislation, issuers must hold high-quality liquid assets equal to their token liabilities and adhere to reserve, disclosure, redemption, and risk-management standards. The bill also mandates that banking regulators establish an examination schedule, guarantees consumer redemption rights within limited time windows, and sets segregation rules for issuers.
On the other hand, the CLARITY Act is designed to define jurisdictional lines for digital asset trading venues listing tokens meeting functional tests. This legislation instructs regulatory bodies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to create a joint registration pathway that permits platforms to list qualifying tokens, engage in spot trading and derivatives under coordinated custody standards, and file token disclosure packets scaled according to market capitalization tiers.
In addition, the CLARITY Act requires issuers of digital assets conducting sales to US persons to submit initial information statements. Furthermore, it instructs banking supervisors to recognize qualified custodians that hold both stablecoins and non-stable digital assets under shared segregation and audit rules.
According to reports, President Donald Trump has committed to signing the GENIUS Act into law on July 18, while there is no confirmation yet on the CLARITY Act. However, it is crucial for lawmakers to work together to enact the bills into laws without delay.
The passage of these regulations sends a strong signal that US policymakers are willing to collaborate with industry stakeholders and prioritize digital asset development within the nation’s broader economic strategy.
Source: cryptoslate.com
