USA House Passes CLARITY, GENIUS, and Anti-CBDC Crypto Bills
GENIUS Act
The GENIUS Act (“Guiding and Establishing National Innovation for U.S. Stablecoins Act”) has been signed into law by President Donald Trump on July 18, 2025, following its passage in the Senate and the House of Representatives. It introduces the first federal regulatory framework for stablecoins in the U.S. It requires 100% reserve backing with liquid assets, such as U.S. dollars or short-term Treasuries, and mandates strict public disclosures about reserve composition. Robust consumer protections are established, including prioritizing stablecoin holders’ claims in case of insolvency and prohibiting misleading marketing. The Act aligns state and federal regulations, ensuring consistent oversight nationwide, and mandates anti-money laundering compliance for issuers. Additionally, it requires technical capabilities for asset seizure when legally necessary. By requiring stablecoins to be backed by U.S. dollars or Treasuries, the Act also aims to support the U.S. dollar’s reserve status and foster innovation in the digital asset sector.
For more Information about GENIUS Act click here.
Financial Services Highlights Support for CLARITY Act
The CLARITY Act has passed by the U.S. House of Representatives on July 17, 2025, but has not yet been signed into law as it awaits Senate consideration. The Digital Asset Market Clarity Act of 2025 (“CLARITY Act”) is a U.S. federal bill that creates a unified regulatory framework for how digital assets are classified, offered, traded, and overseen. CLARITY Act aims to establish clear regulatory frameworks for digital assets and promote innovation while protecting consumers. The legislation has received broad support from industry leaders and experts, who emphasize its importance for U.S. competitiveness, market certainty, and responsible growth in the digital asset sector.
For more Information about CLARITY Act click here.
The Anti-CBDC Surveillance State Act.
The Anti-CBDC Surveillance State Act (H.R. 1919) has passed the U.S. House of Representatives (on July 17, 2025, by a vote of 219–210) and is now awaiting action in the Senate. The bill prohibits the Federal Reserve from developing, issuing, or testing a retail central bank digital currency (CBDC) without explicit Congressional authorization and codifies President Trump’s Executive Order to forbid federal agencies from exploring their development.
For more Information about the Anti-CBDC Surveillance State Act click here.
CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans / CFBP
he Consumer Financial Protection Bureau (CFPB) has announced that it will not prioritize enforcement actions related to the Truth in Lending regulations for Buy Now, Pay Later (BNPL) loans accessed through digital user accounts. Instead, the CFPB will focus its enforcement and supervision efforts on more urgent consumer protection issues, with particular attention to servicemembers, veterans and small businesses. The Bureau stated that this shift aims to better support American taxpayers and vulnerable groups. Additionally, the CFPB is considering whether to formally rescind the Buy Now, Pay Later.
For more Information click here.
Federal bank regulatory agencies seek comment to address payments and check fraud
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency have jointly issued a request for public comment on measures to address payments and check fraud. The agencies are seeking input on potential actions to help consumers, businesses, and financial institutions reduce the risks associated with payments fraud, which includes scams and illegal payment activities. Key areas for feedback include interagency collaboration, public education, regulatory and supervisory improvements, enhanced data collection and information sharing, and new tools or services from the Federal Reserve Banks. The agencies emphasize the need for coordinated efforts across institutions and invite comments within 90 days of the Federal Register publication, which was announced on June 16, 2025, giving stakeholders until mid-September to respond.
For more Information click here.
Next-generation monetary and financial system takes shape, based on a tokenised unified ledger: BIS / BIS
The Bank for International Settlements (BIS) has outlined the next phase for financial system modernization through the integration of a “trilogy” of tokenised assets: central bank reserves, commercial bank money, and government bonds, all within a unified ledger. According to the BIS’s 2025 Annual Economic Report, tokenisation—digitally representing assets on programmable platforms—can significantly improve efficiency in cross-border payments and securities markets while upholding the core principles of sound money: singleness, elasticity, and integrity. The BIS cautions that stablecoins do not meet these standards and, without regulation, could threaten financial stability and monetary sovereignty. The BIS calls on central banks and public authorities to advance this unified, tokenised infrastructure to ensure a secure and effective transition to a modernized monetary system.
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FinCEN and banking agencies allow banks to collect customers’ SSNs from third parties / FinCEN
In a significant step towards modernizing Bank Secrecy Act compliance, FinCEN and certain banking agencies are providing flexibility in “know your customer” requirements for banks.
On June 27, 2025, the OCC, FDIC, and NCUA, with FinCEN’s concurrence, issued an order allowing banks to collect customers’ tax identification numbers (TINs), such as Social Security numbers, from third-party sources rather than directly from the customers themself, provided they comply with the Customer Identification Program (CIP) Rule. This change modernizes Bank Secrecy Act compliance, reflecting advances in digital identity verification and easing burdens for banks, especially those with fintech partnerships or online services. Banks must still follow risk-based procedures to verify customer identities and maintain written protocols for obtaining TINs before account opening. The order also aims to promote financial inclusion by addressing concerns of customers hesitant to provide full TINs electronically.
For more Information click here.
