Federal crypto reform is locked in for summer, with July, August, and September deadlines set to finalize rules and define SEC-CFTC boundaries for digital assets.
White House Crypto Czar Confirms Timeline for Sweeping Digital Asset Reform
U.S. lawmakers are swiftly moving towards implementing much-needed regulation for the digital asset market, paving the way for crypto markets and stablecoins to receive federal recognition. White House AI and crypto adviser David Sacks took to social media platform X on June 26 to announce that the Senate is in the process of crafting a comprehensive framework for the digital asset market.
Sacks expressed his gratitude towards Senate Banking Committee Chair Tim Scott and Digital Assets Subcommittee Chair Cynthia Lummis for outlining a clear timeline and strategy for comprehensive legislation on crypto market structure. The timeline is set in stone: introduce the bill before the August recess, markup in the first week of September, and finalize by the end of that month. Sacks also shed light on what lies ahead:
July will be a significant month, with a bill signing for GENIUS, and CLARITY heading to the Senate!
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025 has already passed the Senate. This legislation lays down the rules for issuing payment stablecoins, allowing only approved issuers to offer them to U.S. users under federal or state regulation. Issuers must maintain a one-to-one backing with U.S. currency or similar liquid assets, disclose redemption policies, and provide monthly reserve reports. Additionally, it governs reserve usage, safekeeping, and federal oversight.
On the other hand, the Digital Asset Market Clarity (CLARITY) Act of 2025 was introduced in the House to establish clear regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This act sets a legal framework for digital assets to alleviate regulatory ambiguity that has driven innovation offshore and heightened consumer risk. It delineates agency responsibilities, mandates disclosures for brokers and fund segregation, and offers legal pathways for developers to raise capital and trade crypto-based commodities. The focus is on transparency, accountability, investor safeguarding, and upholding U.S. leadership in the global digital asset markets.