In the cryptocurrency field, the United States has long faced the dilemma of regulatory fragmentation. Institutions such as the SEC and CFTC have ongoing disputes over the classification of digital assets, leading to high market uncertainty. To change this situation, the US Congress has actively promoted legislation in recent years, among which the two key bills are the already effective GENIUS Act and the still-advancing Clarity Act.
On July 18, 2025, President Trump signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), the first federal law in US history targeting crypto assets. The bill focuses on USD-backed payment stablecoins, establishing a strict issuance framework that includes 1:1 asset reserve requirements, regular transparency reporting, issuer qualification reviews, and consumer protection measures. It provides clear rules for the stablecoin industry, laying the regulatory foundation for US digital payments and is regarded as an important milestone in crypto regulation.
However, the GENIUS Act primarily targets stablecoins and cannot fully cover the broad needs of the entire crypto market. Therefore, the more comprehensive Digital Asset Market Clarity Act (Clarity Act) has become the focus of the industry. This bill is hailed as the "market structure law" for US crypto regulation, aiming to clarify the jurisdictional division between CFTC and SEC, establish rules for exchanges and DeFi, and strengthen investor protection and anti-money laundering measures. It can not only resolve long-standing regulatory gray areas but also attract institutional capital, promote innovation, and consolidate the US leading position in global crypto competition.
The Clarity Act was proposed in May 2025 and passed the House on July 17 with strong bipartisan support. After entering the Senate, it was passed by the Senate Banking Committee on May 14, 2026, with a 15-9 vote and was officially placed on the Senate legislative calendar on June 1.
Entering July 2026, the bill encountered a short-term delay. The plan originally expected to advance before July 4 was temporarily suspended due to disagreements over DeFi regulation, stablecoin details, and conflict-of-interest provisions. Currently, Senators Lummis, Scott, and others are actively negotiating. It is expected that the final text will be released after the Senate reconvenes (around July 13), with efforts to complete a full Senate vote before the August recess. The current market passage probability is estimated between 40%-60%, with time pressure and midterm election factors being the main variables.
The GENIUS Act has already established clear rules for stablecoins, while the Clarity Act is the next "big move," providing a comprehensive framework for the entire digital asset market. Combined, the two are expected to form a complete US crypto regulatory system, ending the "case-by-case enforcement" chaos and transforming the US from a regulatory laggard into a rule-maker. For investors and the industry, the advancement of these two bills represents a significant increase in certainty. If the Clarity Act passes smoothly, it will join the GENIUS Act to usher in a new era of crypto in the US. Subsequent developments are worth close attention, especially the results of the upcoming Senate negotiations.