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Congress has taken a significant step in shaping the regulatory landscape of digital assets, as it has moved forward on two critical bills aimed at establishing a robust framework for the issuance and supervision of payment stablecoins. The House has passed the GENIUS Act with a 307-122 tally, indicating that more than 100 Democrats joined most Republicans to advance the measure.
The GENIUS Act is designed to establish a federal framework for the issuance and supervision of payment stablecoins. It directs the Federal Reserve to register and examine insured depository institutions at the national level while allowing qualifying state-chartered entities to issue dollar-backed tokens under comparable reserve, disclosure, redemption, and risk-management standards. Furthermore, issuers must hold high-quality liquid assets, such as cash, Treasury bills, and short-duration government securities, equivalent to their token liabilities. Additionally, they are required to report attestations at set intervals.
On a separate note, the House has cleared the CLARITY Act with a 294-134 vote and sent it to the Senate for review. The CLARITY Act defines jurisdictional lines for digital asset trading venues that list tokens meeting functional tests, which fall outside the scope of securities law once these networks reach sufficient decentralization and public float. It directs the SEC and the Commodity Futures Trading Commission (CFTC) to establish a joint registration lane that allows platforms to list qualifying tokens, trade spot, and derivatives under coordinated custody standards, and file token disclosure packets that scale with market capitalization tiers. Moreover, issuers conducting sales to US persons must submit initial information statements.
The Senate now takes up the CLARITY Act on an unrevealed schedule.
Source: cryptoslate.com
