Crypto Regulatory Affairs: US Crypto Week Delivers as GENIUS Act Becomes Law, CLARITY Act Moves to Senate

In this piece, David Carlisle (Elliptic) discusses two major legislative milestones that signal the United States’ ambition to become the global leader in cryptoasset innovation. On July 18, President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) into law during a ceremony attended by members of Congress and leading figures from the crypto industry. The act, which passed the House with bipartisan support (308–122) after clearing the Senate in June, creates a regulatory framework for U.S. dollar stablecoin issuers at both federal and state levels. President Trump hailed it as a “clear and simple regulatory framework” that will unlock the potential of dollar-backed stablecoins, a sentiment echoed by industry leaders who see the law as a pivotal moment for consumer confidence and institutional adoption.

The GENIUS Act now moves into the implementation phase, with agencies such as the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board tasked with drafting regulations within the next year. These rules must be implemented within 120 days of finalization, putting the law on track to take full effect by early 2027 at the latest. The banking sector—including institutions like JPMorgan, Bank of America, Goldman Sachs, and Citi—has been closely watching the legislation, as they seek clearer guidelines before entering the stablecoin market at scale. By providing regulatory certainty, the act is expected to encourage greater participation from major financial players and strengthen U.S. leadership in digital asset innovation.

Alongside the GENIUS Act, the House also passed the Digital Market Clarity (CLARITY) Act on July 17, aiming to establish a comprehensive framework for cryptoasset market oversight. The bill defines the legal status of various cryptoassets and clarifies the regulatory roles of the SEC and CFTC. While the CLARITY Act faces potential resistance in the Senate—particularly from Democrats concerned about consumer protections and possible conflicts of interest involving President Trump—Senate and White House leaders remain optimistic about passage by September 30. If successful, it would further cement the perception that the U.S. is positioning itself as a dominant force in the global crypto economy.

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