U.S. House Approves Sweeping Crypto Reform Bills as Senate Prepares for Next Steps
In a major shift toward comprehensive digital asset regulation, the U.S. House of Representatives passed three key cryptocurrency bills on Thursday, including the landmark Digital Asset Market Clarity Act, the GENIUS Act for stablecoins, and the Anti-CBDC Surveillance State Act — each addressing distinct areas of the fast-evolving crypto industry.
The Digital Asset Market Clarity Act, which passed in a bipartisan 294–134 vote, sets out to resolve the longstanding jurisdictional rift between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It establishes firm rules for how digital assets and exchanges are regulated, requiring clearer financial disclosures, fund segregation for customer safety, and registration mandates. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, the bill replaces "uncertainty with confidence" for both market participants and regulators.
Meanwhile, the House also greenlit the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) in a 308–122 vote. With the Senate already having passed a version of the bill, it is expected to land on President Trump’s desk within days. The legislation requires that stablecoins be backed by U.S. dollars or highly liquid assets and imposes annual audits for large issuers. It also creates rules for foreign stablecoin issuers operating in U.S. markets.
In a third major development, the Anti-CBDC Surveillance State Act passed narrowly, 219–210, effectively blocking the Federal Reserve from launching a central bank digital currency (CBDC) for direct consumer use. The move came after weeks of Republican dissent centered on fears that the GENIUS Act might allow for the quiet implementation of a digital dollar — a concern later addressed through revisions and assurances from congressional leaders. The final CBDC-related language will now be embedded in the must-pass National Defense Authorization Act (NDAA).
Concerns and Political Fault Lines
Despite the momentum, the legislation drew sharp criticism from some Democratic lawmakers. Rep. Maxine Waters, ranking Democrat on the House Financial Services Committee, blasted both the Clarity and GENIUS Acts, labeling them “gifts” to Trump-affiliated crypto ventures, which she alleged could benefit from looser federal oversight. Bloomberg reports estimate that the Trump family has gained over $620 million from crypto-related projects, including World Liberty Financial and various memecoin launches.
Beyond the political back-and-forth, technical concerns persist. Members of the decentralized finance (DeFi) industry have flagged potential issues with Clarity’s lack of federal preemption for decentralized exchanges (DEXs), warning that it could subject DEXs to a patchwork of conflicting state regulations.
What Comes Next
The real battle may now shift to the Senate. While the House has pushed through its version of the Clarity framework, Senate Republicans are developing their own approach, with prominent figures like Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) expected to play central roles. A final version of the market structure bill may merge elements from both chambers.
The Senate Banking Committee has reportedly imposed a soft deadline of September 30 to finalize discussions. Meanwhile, the GENIUS Act appears set for presidential approval, and the CBDC ban’s inclusion in the NDAA ensures its continuation through legislative hurdles.
The triple passage marks the House’s most assertive action yet on digital asset regulation — one that could reshape crypto oversight in the U.S. for years to come.