US Congress Clears Three Cryptocurrency Bills, Paving the Way for Regulatory Clarity and Industry Growth

The U.S. House of Representatives has approved the GENIUS Act, which establishes regulations for stablecoins. This news was reported by FOX Business journalist Eleanor Terrett.

The bill is now awaiting the signature of President Donald Trump and will take effect 18 months from now, or 120 days after regulators publish final regulations. The GENIUS Act is set to be the first prominent cryptocurrency legislation in the country.

In total, Congress has passed three proposals related to digital assets. The backing for these initiatives from both political parties exceeded analysts’ expectations.

Voting results:

*“It is entirely predictable that the crypto industry is rife with centralization and that there is little left of cryptocurrencies within it,”* emphasized the speaker.

Romanenko expressed skepticism regarding the idea of any nation, including the U.S., becoming a “global center for the crypto industry” under government auspices. When asked how the American administration’s ambition for dominance in the sector may affect the industry, he expressed hope that it would not.

*“I hope it won’t have any effect. The concept of a ‘global crypto industry center’ is unnatural. The belief that the state can create ‘conditions for the development of crypto business’ is naive and very dangerous. The state, by its nature, never acts in the interests of society; it is fundamentally opposed to society in its modus operandi, even if things seem to be going well,”* he stated.

The expert believes that the true motivations behind the American establishment are more about fiscal interests than about supporting innovations.

*“The primary task of the U.S. government in our time is to continue to find money for budget expenditures, which no one seems able to cut. This can be done by increasing debts or taxes. In these matters, politicians from different parties are surprisingly unified, as they pursue their own agendas. The crypto industry is merely a ‘cash cow’ for any state; it’s essential not to be deluded about this, especially for the American state, which is currently in quasi-bankrupt condition,”* clarified Romanenko.

He added that despite this, cryptocurrencies have indeed become part of the mainstream in the U.S.

At the same time, the economist sees restraining factors that currently prevent the state from fully controlling the financial sector through the introduction of central bank digital currency (CBDC).

*“Despite the allure of the CBDC idea for politicians with short-term preferences, there is still an understanding that it runs contrary to the law and can only be implemented within an appropriate anti-legal culture, which is not the case in America, although it has long been eroded by leftist ideology from which the state has expanded,”* concluded the expert.

According to Ryan Lee, the chief analyst at Bitget Research, the combination of new laws has the potential to foster a predictable regulatory environment in the U.S. that will attract investors and companies. However, he warned that stringent requirements might push parts of the industry into more liberal jurisdictions, such as Singapore.

The expert elaborated on the regulation of stablecoins.

*“The bill paves the way for developing a regulatory framework for ‘stable coins’ pegged to the U.S. dollar. This means greater transparency and reliability for investors, potentially increasing capital inflow into cryptocurrencies and leading to mass adoption,”* explained Lee.

According to the speaker, this could mean increased confidence for Circle, while Tether would face pressure due to heightened disclosure requirements, increased transparency, and audits.

*“Cryptocurrencies have already become part of the economy, and this process is accelerating due to the influx of institutional investors via spot crypto ETFs. Their regulation is an issue of financial stability and the country’s technological leadership,”* he stated.

Commenting on the political aspect, Lee noted that crypto laws received bipartisan support because they legitimize an already established market, attract investments, and give the U.S. control over the industry. He also reminded that Trump had expressed support for these initiatives.

*“As for the CBDC ban, it was a challenging process, as it signifies a voluntary relinquishment of a powerful government regulatory tool. Even CBDC critics, such as some Republicans, are not ready to completely abandon the idea of a digital dollar—some prefer to restrict it rather than forgo potential benefits,”* concluded the expert.

Alexander Peresichan, CEO of TECHNOBIT, believes the GENIUS Act will likely change the balance of power in the stablecoin segment. This will strengthen the positions of regulated players like USDC and create barriers for less transparent assets like USDT.

The expert is confident that the adoption of crypto laws will remove the primary barrier for the industry—uncertainty—and trigger a massive influx of capital into digital assets through the U.S. financial system.

*“The passage of these documents will establish a clear and transparent regulatory framework—investors and companies will finally have clear rules to operate by. This will also encourage banks and the traditional financial sector to integrate crypto services more actively,”* asserted Peresichan.

He also highlighted the role of the political factor in accelerating legislative processes. According to him, Trump’s active support for cryptocurrencies during his campaign made them a part of the core economic agenda and prompted even skeptics toward compromise.

*“Both parties, despite their differences, have agreed on one point: regulation of the crypto market is better than no regulation at all. Therefore, cryptocurrency has definitively entered the mainstream of American politics—now the question is not whether to ‘ban or allow’, but how to regulate it effectively,”* emphasized the TECHNOBIT CEO.

Commenting on the difference in support for the initiatives, the expert pointed out their fundamental distinctions.

*“With CBDCs, the situation is more complicated. Democrats see a digital dollar as a tool for effective economic management, while some Republicans fear completely abandoning such a tool amidst the launch of digital currencies in other countries, particularly China. The narrow margin of votes (214–213) indicates that the issue remains contentious: some view the digital dollar as a threat and an excessive increase in government control, while others see it as a means to conduct monetary policy more effectively,”* concluded Peresichan.

*“Even though many Congress members, especially from the Democratic Party, are not opposed to the idea of CBDCs—which are actively lobbied by the Federal Reserve and large banks—in this case, the interests of large businesses prevailed. The Trump administration succeeded in pushing this bill forward with populist slogans and promises made to the crypto community during the presidential campaign,”* explained the speaker.

According to him, significant support from Democrats can be attributed to effective lobbying by giants like Coinbase, Circle, and Gemini, who traditionally support the Democratic Party.

*“For example, Gemini has its own stablecoin. Their interests align with the passage and implementation of this law, as it strengthens the positions of ‘stable coins’ issued by companies in the U.S. while simultaneously weakening the position of their main competitor, USDT,”* added Cohen.

The expert noted that the legislative process might stretch until 2026. The Senate has the right to propose amendments, after which the documents will return to the House for re-evaluation.

*“There is a particularly high likelihood of changes—around 70-80%—for the CLARITY Act. However, the ultimate goal is clear—the U.S. is already a global hub for the crypto industry, and the implementation of these laws will only reinforce their positions and the role of the dollar in the digital asset economy,”* contended Cohen.

Cohen believes that Tether’s market position will remain strong in the medium term.

*“It’s essential to remember that most of the trading volume on the spot market comes from Asian, especially Chinese, exchanges where USDT dominates. Furthermore, my estimates suggest that over 85% of all cross-border and P2P transactions in cryptocurrency are conducted in Tether, providing it with a robust support base,”* he concluded.

Brian Stale, chairman of the digital assets subcommittee, described the GENIUS Act as a significant milestone for the U.S. crypto industry.

*“The law encourages innovation and the growth of Web3 companies in the U.S. It establishes clear rules to protect consumers and provide businesses with understandable norms to operate within,”* explained Stale.

French Hill, chairman of the Committee on Financial Services, stated that the regulatory package will bring capital back to the country and ensure the U.S. maintains leadership in digital payments.

Summer Mersinger, head of the Blockchain Association, stated that Congress has shown a commitment for the U.S. to take a leading position in digital finance.

*“These three votes are a strong affirmation of core American values: privacy, market competition, and financial freedom for individuals,”* she added.

Coinbase President Emily Choi called the vote a “huge step toward securing America’s dominance in cryptocurrencies and technological innovations.”

SEC Chair Paul Atkins noted that the GENIUS Act provides “clear rules of the game.” He expressed hope that the market will utilize the new regulatory framework to develop faster and cheaper payment solutions.

Senator Elizabeth Warren and House Financial Services Committee member Maxine Waters believe the new rules are insufficient. They are concerned that consumer protection will weaken and that the collapse of issuers may require government intervention.

Major banks also view stablecoins as a threat to payment controls. For example, JPMorgan CEO Jamie Dimon stated that they are preparing for competition. Stablecoins could reduce the amount of funds in bank deposits and gain broader use in cross-border transfers.

It’s worth recalling that on July 15, the U.S. House of Representatives rejected three bills related to cryptocurrencies. However, after Trump’s announcement of a meeting in the Oval Office with Congress members, a new schedule for sessions was proposed.