On 17 July 2025, the US House of Representatives took a decisive step by passing two complementary pieces of legislation aimed at structuring the market for digital assets in the United States. The Clarity Act clarifies in an unprecedented way the respective powers of the Securities and Exchange Commission, the body in charge of securities, and the Commodity Futures Trading Commission, which is now responsible for supervising “digital commodities” evolving on mature blockchains. It introduces specific oversight, record-keeping and banking compliance obligations for platforms, while introducing exemptions for small issues or mature blockchains.

At the same time, the Genius Act marks a historic turning point by establishing a federal framework for dollar-backed stablecoins. Passed by a large majority of 308 votes to 122, the legislation requires a 1:1 match in liquid assets, requires regular audits and reports, and limits issuance to federally regulated banks or authorised institutions, while providing for strict federal oversight of issues of $10bn or more. Foreign issuers will also be subject to US regulation if they target the US market.

These texts come against a favourable political backdrop, with president Donald Trump, initially critical of cryptocurrencies, having changed his stance and now supporting a strategy to make the US the “crypto capital of the world.” The banking sector--notably JPMorgan, Citi or Bank of America--is delighted with this framework, which gives them the opportunity to launch their own stablecoins to compete with the likes of Amazon and Walmart, while Meta, Uber or Airbnb are considering adopting them... .

Many elected members of Congress, like Trump, see this as a vehicle for strengthening the dollar, thanks to the global spread of stablecoins backed by the greenback.

However, critical voices are being raised. As Democratic leader Maxine Waters points out, the Clarity Act could sow “the seeds of the next financial crisis,” while consumer groups regret the lack of FDIC protection for stablecoins.

This double legislative breakthrough will undoubtedly pave the way for massive institutional development of cryptos in the US--but also raises new consumer protection and supervisory challenges. Senate consideration of the Clarity Act and a possible presidential signature for the Genius Act will be the next crucial milestones to follow.

This article was originally published in French.