House passes GENIUS and CLARITY Acts with bipartisan support to regulate crypto industry
WASHINGTON, D.C. — The U.S. House of Representatives on Thursday passed two major bipartisan bills aimed at establishing federal oversight for the cryptocurrency industry, with strong support from both parties. The GENIUS Act and CLARITY Act, which were backed by Rep. Josh Gottheimer, D-N.J., are designed to provide regulatory clarity, enhance consumer protections, and secure the nation’s leadership in the digital asset space.
Gottheimer, a member of the House Financial Services Committee, played a key role in negotiating both measures, which address longstanding calls for a clearer legal framework in the rapidly expanding digital economy.
“One-fifth of Americans now own cryptocurrency, and New Jersey ranks proportionately second nationwide in ownership of cryptocurrency,” Gottheimer said. “While cryptocurrencies have tremendous economic potential, we need clear rules of the road to crack down on snake oil salesmen, protect investors, and ensure America leads the way, not other nations, in this space.”
The GENIUS Act—short for “Guiding Engagement in the Nation’s Use of Stablecoins”—creates a comprehensive regulatory framework for payment stablecoins. It includes measures to protect consumers, promote financial inclusion, and bolster national security by enforcing sanctions and overseeing foreign stablecoin operations.
The CLARITY Act—“Clarifying Laws Around Regulation and Innovation in Technology”—aims to resolve regulatory confusion by defining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets. The bill also includes provisions to reduce fraud, promote transparency, and support innovation by giving entrepreneurs a more predictable legal environment.
Both bills now advance to the Senate, where supporters hope the bipartisan momentum will continue. If enacted, the legislation would mark the most significant federal action to date on cryptocurrency regulation.
