The countdown has begun for the long-awaited legal framework for cryptocurrency regulation in the US. David Sacks, known as the “crypto czar” of the White House in the US, announced on social media that two important laws, the CLARITY and GENIUS Acts, will be signed in July and introduced to the Senate agenda.
GENIUS Act: Provides a national stablecoin standard for the US
The GENIUS (Guaranteed Electronic National Innovation for the US) Act aims to introduce comprehensive national regulation for stablecoins. This law draws a clear framework for how cryptocurrencies pegged to fiat currencies such as the US dollar will be issued, their reserve guarantees, and their legal responsibilities. According to Sacks, this law will provide a safer regulatory environment for domestic companies. In addition, it will reduce the US’s dependence on foreign financial technologies.
The rapid growth of the stablecoin market has made regulatory uncertainties more visible. With the enactment of the GENIUS Act, it is aimed for stable cryptocurrencies such as USDC and USDT to operate in a more transparent and regulated manner on US soil.
CLARITY Act: “Legal clarity” for cryptocurrencies
The CLARITY (Cryptocurrency Legal Accountability and Regulatory Transparency for Innovation and Yield) Act stands out as a more comprehensive regulation. This law aims to put an end to the legal uncertainty that has been going on for years by introducing clear definitions of whether cryptocurrencies are securities or commodities. In particular, the clarification of the jurisdictions of institutions such as the SEC and CFTC was among the steps that major investors were waiting for.
The bill, supported by Senate Banking Committee Chairman Tim Scott and Digital Assets Subcommittee Chairman Cynthia Lummis, will be submitted to the Senate in July and is aimed to be enacted by September. Lummis said in a statement that the CLARITY Act is largely similar to the bill passed in the House of Representatives and will create a “friendlier” regulatory environment for crypto innovators.
July is going to be quite busy
Sacks, known for his PayPal background, is a consultant not only in crypto but also in advanced technology areas such as artificial intelligence. Trump’s increasing crypto-focused rhetoric during his election campaign has turned into a concrete strategy with these legal processes.
July seems to be busy not only in terms of crypto regulations but also in terms of trade policies. Trump’s new tariffs expected to be announced on July 8-9 and the tax spending package planned to be presented on July 4 are among the other topics that will shape the US’s claim to global technology leadership.
