US House passes three cryptocurrency bills

The US House of Representatives approved the GENIUS Act, which sets rules for stablecoins, according to FOX Business journalist Eleanor Terrett.

🚨BREAKING (I rarely use that term anymore, but this time I think it’s warranted 😁): All *three* crypto bills just passed the House and the GENIUS Act is now headed to @realDonaldTrump’s desk to become the first major piece of crypto legislation signed into law.

Despite the…

— Eleanor Terrett (@EleanorTerrett) July 17, 2025

The bill now goes to President Donald Trump for signature and will take effect in 18 months, or 120 days after regulators issue final rules. The GENIUS Act would be the country’s first significant crypto law.

In all, lawmakers passed three measures related to digital assets. Bipartisan support was stronger than analysts had expected.

Vote tallies:

• The CLARITY Act, establishing a regulatory framework for the entire sector, passed 294–134. Seventy-eight Democrats voted in favour, twice what had been forecast;
• The GENIUS Act passed 308–122, with 102 Democrats backing it;
• The Anti-CBDC Act, which bans a central bank digital currency (CBDC), squeaked through 219–210.

A ‘cash cow’ for the US

Libertarian economist Evgeny Romanenko told ForkLog that today’s business expansion can be seen as a form of legalisation long touted by enthusiasts. The outcome, however, is far from the original ideals.

“That it [the crypto industry] is shot through with centralisation and that little of cryptocurrencies remains in it is entirely natural,” the speaker stressed.

Romanenko was sceptical of the idea that any country, including the US, could become a “global centre of the crypto industry” under state aegis. Asked how a US bid for dominance would affect the sector, he said he hoped it would not.

“I hope in no way. The notion of a ‘global centre of the crypto industry’ is unnatural. Faith that the state can create ‘conditions for the development of crypto business’ is naive and very dangerous. The state, by its very nature, never acts in the interests of society; it is opposite to society in its modus operandi. Even if everything looks prosperous,” he said.

He argued that the true motives of the American establishment lie not in supporting innovation but in fiscal interests.

“The main task of the US state in our era is to keep finding money for budget spending, which, as we see, no one is able to cut. This can be done by increasing debt or taxes. On these questions politicians of different parties are surprisingly unanimous, because they are solving their own tasks. For any state the crypto industry is a ‘cash cow’, nothing more; do not harbour illusions. All the more so for the American state in its current semi‑bankrupt condition,” he explained.

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

At the same time, the economist sees constraints that still prevent the state from fully subordinating finance through the introduction of a central bank digital currency.

“Despite the appeal of a CBDC to politicians with high time preference, there remains an understanding that the idea of a CBDC contradicts the law and therefore can be realised only in a corresponding anti‑legal culture, but in no way in the American one, although it too has long been eroded by left ideology, from which the state has grown,” he concluded.

Financial stability and technological leadership

Ryan Lee, chief analyst at Bitget Research, said the combination of new laws could create a predictable regulatory environment in the US that attracts investors and firms. He warned, however, that stringent requirements could push parts of the industry to more liberal jurisdictions, such as Singapore.

He dwelt in particular on stablecoin regulation.

“The bill kicks off the creation of a legal and regulatory framework for ‘stable coins’ pegged to the US dollar. This means greater transparency and reliability for investors, which could boost capital flows into cryptocurrencies and lead to that very mass adoption,” Lee explained.

For Circle, he said, that could mean increased trust, while Tether will face pressure from tougher disclosure requirements, greater transparency and audits.

“Cryptocurrencies have already become part of the economy, and this process is accelerating amid an influx of institutions via spot crypto-ETFs. Regulating them is a question of the country’s financial stability and technological leadership,” he said.

Commenting on the politics, Lee noted that the crypto bills drew bipartisan support because they legalise an existing market, attract investment and give the US control over the industry. He also recalled that Trump had spoken in support of the initiatives.

“As for the CBDC ban, it passed with difficulty because it entails a voluntary renunciation of a powerful instrument of state regulation. Even critics of CBDC, for example Republicans, are not ready to give up the idea of a digital dollar entirely — some prefer simply to limit it rather than forgo potential advantages,” he concluded.

Digital dollar: threat or opportunity

TECHNOBIT CEO Alexander Peresichan believes the GENIUS Act is likely to reshape the stablecoin landscape, strengthening regulated players such as USDC and raising barriers for less transparent assets like USDT.

He is confident that passage of the crypto laws will remove the main barrier for the industry — uncertainty — and trigger a mass inflow of capital into digital assets via the US financial system.

“Adoption of the documents will create a clear and transparent regulatory base — investors and companies will finally get clear rules of the game. It will also prod banks and the traditional financial sector to integrate crypto services more actively,” Peresichan said.

He also noted the role of politics in speeding the legislative process. According to him, Trump’s active support for cryptocurrencies during the campaign made them part of the core economic agenda and nudged even sceptics toward compromise.

“Both parties, despite their differences, agree on one thing: regulating the crypto market is better than leaving it unregulated. Cryptocurrency has therefore finally entered the American political mainstream — the question is no longer ‘ban or allow’, but how exactly to regulate,” the TECHNOBIT CEO stressed.

Commenting on the discrepancy in support, he pointed to the bills’ fundamental differences.

“The CBDC question is more complex. Democrats see a digital dollar as a tool for efficient economic management, while some Republicans are wary of abandoning such a tool as other countries roll out digital currencies, especially China. The narrow margin (214–213) shows the issue remains contentious: some see a digital dollar as a threat and an excessive expansion of state control; others as a way to conduct monetary policy more effectively,” Peresichan concluded.

Tether’s prospects: a ‘powerful support base’

Trader and Coen+ Telegram-channel author Vladimir Koen shared his view with ForkLog:

“Despite the fact that many members of Congress, especially Democrats, are not opposed to the idea of a CBDC, which is actively lobbied by the ФРС and big banks, in this case the interests of big business prevailed. The Trump administration managed to push this bill through under populist slogans and promises the president made to the crypto community during the presidential race,” he explained.

In his view, substantial Democratic support was the result of effective lobbying by giants such as Coinbase, Circle and Gemini, which have traditionally been sponsors of the Democratic Party.

“Gemini, for example, has its own stablecoin. It is directly in their interests to adopt and implement this law, which strengthens the position of ‘stable coins’ issued by US companies while weakening the position of their main competitor — USDT,” Koen added.

He noted that enactment could drag into 2026. The Senate may amend the bills, after which the documents would return to the House for another vote.

“The likelihood of changes is especially high — around 70–80% — for the CLARITY Act. The ultimate aim, however, is obvious: the US is already the global centre of the crypto industry, and implementing these laws will only strengthen its position and the dollar’s role in the digital‑asset economy,” Koen said.

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

“Do not forget that most spot market trading volume is on Asian exchanges — particularly Chinese ones — where USDT dominates. In addition, by my estimate, more than 85% of all cross‑border and P2P settlements in cryptocurrency are conducted in Tether, which gives it a powerful support base,” he concluded.

Supporters

The chair of the Subcommittee on Digital Assets, Brian Steil, called the GENIUS Act a landmark for the US crypto industry.

“It [the law] encourages innovation and the development of Web3 companies in the US. The document sets clear rules to protect consumers and give business understandable norms to operate by,” Steil explained.

The chair of the Financial Services Committee, French Hill, said the package would bring capital back to the country and secure US leadership in digital payments.

Blockchain Association head Summer Mersinger said Congress had signalled America’s intent to lead in digital finance.

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

Coinbase president Emilie Choi called the vote “a giant step toward cementing America’s dominance in crypto and tech innovation.”

Huge bipartisan turnout to advance stablecoins AND market structure in the House! This is a giant step toward cementing America’s dominance in crypto and tech innovation broadly. Kudos to the lawmakers from both parties who made this a reality — stablecoin legislation is headed… https://t.co/WjPFC4AGsd

— Emilie Choi 🛡️ (@emiliemc) July 17, 2025

SEC chair Paul Atkins noted that the GENIUS Act provides “clear rules of the game”. He expressed hope that the market would use the new framework to build faster, cheaper payment solutions.

Critics 

Senator Elizabeth Warren and House Financial Services Committee member Maxine Waters consider the new rules insufficient. They fear consumer protection will weaken and that a collapse of issuers could require government intervention.

Big banks also see stablecoins as a threat to their grip on payments. For example, JPMorgan boss Jamie Dimon said he is preparing for competition. Stablecoins could reduce bank deposits and gain wider use in cross‑border transfers.

On 15 July, the House of Representatives rejected three crypto documents. After Mr Trump posted about a meeting in the Oval Office with members of Congress, a new schedule of sessions was proposed.