Overview

• The Genius Act passed both chambers to require dollar-backed tokens to hold fully liquid reserves and disclose their reserve composition monthly.
• The House approved the Clarity Act and sent it back to the Senate to establish a unified framework that divides SEC oversight of security-like tokens from CFTC authority over commodity-style assets.
• President Trump is expected to sign the Genius Act imminently, formalizing the first federal stablecoin regulatory regime.
• Shares of major crypto platforms including Coinbase and Robinhood rose after Congress cleared the legislation.
• Critics warn the Genius Act could permit stablecoin issuers to undertake bank-style activities without equivalent supervisory safeguards.