Treasury Secretary @ScottBessent has confirmed that the US Treasury is actively working to implement the framework established by the GENIUS Act, following its passage by Congress and signing
Treasury Secretary @ScottBessent has confirmed that the US Treasury is actively working to implement the framework established by the GENIUS Act, following its passage by Congress and signing by @POTUS. The move puts Washington's crypto regulatory agenda back in the spotlight and raises a pointed question: could momentum from the GENIUS Act help push the broader Digital Asset Market Clarity Act through the Senate?
The GENIUS Act, short for the Guiding and Establishing National Innovation for US Stablecoins Act, was signed into law by President Trump on July 18, 2025, creating a federal regulatory framework for payment stablecoins. It represents a landmark moment for the industry: this landmark stablecoin bill is the first major crypto legislation in the United States.
The GENIUS Act creates licensing and regulatory requirements for domestic payment stablecoin issuers and standards for foreign stablecoin issuers participating in the US market. It also provides requirements for the custody and safekeeping of certain payment stablecoin-related assets. The legislation passed with strong bipartisan backing: the House passed it on July 17, 2025, by a vote of 308 to 122, after the Senate had cleared it on June 17, 2025, by a vote of 68 to 30.
Under the Act, the primary federal regulators, the Secretary of the Treasury, and each state regulator are required to promulgate regulations to implement the Act within one year of enactment. That implementation clock is now running, and Bessent's public comments confirm the Treasury is taking that obligation seriously.
The Clarity Act is the logical next step in Washington's digital asset regulatory push. The Digital Asset Market Clarity Act of 2025 is the most comprehensive piece of crypto regulation ever to pass one chamber of the United States Congress.It passed the House by a vote of 294 to 134 on July 17, 2025, and has proceeded to the Senate for consideration.
Progress in the Senate has been slow. A stablecoin interest debate has become a contentious issue that threatens to derail the Clarity Act, which is undergoing debate in the Senate. More recently, a revised version cleared the Senate Banking Committee in May 2026, keeping the legislation alive. White House adviser Patrick Witt said publicly that the first week of August remains a potential window for Senate action.
The question now is whether a functioning GENIUS Act implementation, with Treasury actively building out the regulatory machinery for stablecoins, will give lawmakers the confidence and the template to move forward on the broader market structure bill. For the crypto industry, the GENIUS Act's passage showed that bipartisan crypto legislation is achievable. Whether that logic extends to the more complex Clarity Act remains to be seen.
Sources:Mayer Brown: GENIUS Act Signed into LawArnold and Porter: Clarifying the CLARITY ActCoinDesk: Clarity Act Unveiled by Senate Banking Committee
