DC's Crypto Regulation Finale: Coinbase Advocates for Definitive Guidelines in Congress
The U.S. House of Representatives is set to vote on three significant digital asset bills from July 14 to 18, marking a crucial moment in the regulation of the crypto industry. These bills, including H.R. 3633, the Digital Asset Market CLARITY Act of 2025, H.R. 1919, the Anti-CBDC Surveillance State Act, and S. 1582, the GENIUS Act, have been under consideration for some time, with the first two bills now being in the House's purview.
H.R. 3633, the Digital Asset Market CLARITY Act of 2025, has already been approved by both the House Committee on Agriculture and the House Committee on Financial Services as of June 10, 2025, with bipartisan support. This bill aims to establish a comprehensive federal regulatory framework for digital asset markets, dividing jurisdiction between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
The CLARITY Act introduces a new registration exemption for centralised crypto issuers to raise public funds if their blockchain system is certified or intended to mature within four years. Detailed disclosures are required until a blockchain system is certified as mature, including source code, transaction history, economics, roadmap, and ownership. Once a blockchain is mature, ongoing disclosure is eased, but issuers must still report on material ongoing efforts related to the blockchain system.
The bill's goal is to bring clarity to the regulatory divide between crypto securities and digital commodities, enabling innovation under a unified regulatory structure. Modelled partly on the earlier FIT21 Act, which passed the House but stalled in the Senate, the CLARITY Act responds to long-standing calls for clarity in crypto regulation.
H.R. 1919, the Anti-CBDC Surveillance State Act, aims to restrict or prohibit the issuance or use of a Central Bank Digital Currency (CBDC) in the U.S. unless it protects civil liberties, preventing a government-run digital currency from enabling mass surveillance of citizens' financial transactions. However, due to lack of updated information, the current legislative status or latest provisions of H.R. 1919 during this Crypto Week cannot be definitively summarized.
S. 1582, the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), is under consideration by the Senate Banking Committee. This bill provides a regulatory framework specifically for stablecoins, aiming to enhance innovation and safety in stablecoin issuance and use. The GENIUS Act encourages responsible fintech development, supports dollar-backed digital assets, and emphasizes U.S. leadership in the face of China's growing influence through its digital yuan.
If the House approves the Senate version of the GENIUS Act as-is, it would head directly to President Donald Trump, who has recently expressed interest in stablecoins as a strategic financial tool. The crypto industry is urging Congress to act on market structure and financial privacy, in addition to stablecoin legislation.
Without legislative guardrails, federal agencies can continue interpreting the law however they see fit, potentially chilling innovation and pushing companies offshore. The industry's demand for legislation has been building for years, especially in response to the SEC's aggressive posture under the previous administration.
The Anti-CBDC Surveillance State Act, spearheaded by House Majority Whip Tom Emmer, would bar the Federal Reserve from issuing a retail central bank digital currency (CBDC). The bill has drawn support from both traditional finance and crypto advocates, including groups like the American Bankers Association, the Bank Policy Institute, and leading blockchain trade associations.
This may be the last, best window for pro-innovation crypto rules before a future political realignment shifts the tides. Coinbase, a large U.S.-based cryptocurrency exchange, took out a full-page advertisement in The Washington Post, urging lawmakers to "pass clear, sensible rules for crypto."
[1] [CoinDesk: Senate Banking Committee to Hold Hearings on Digital Asset Bills](https://www.coindesk.com/policy/2021/06/30/senate-banking-committee-to-hold-hearings-on-digital-asset-bills/) [2] [CoinDesk: Senate Banking Committee to Hold Hearings on Digital Asset Bills](https://www.coindesk.com/policy/2021/06/30/senate-banking-committee-to-hold-hearings-on-digital-asset-bills/) [3] [CoinDesk: Senate Banking Committee to Hold Hearings on Digital Asset Bills](https://www.coindesk.com/policy/2021/06/30/senate-banking-committee-to-hold-hearings-on-digital-asset-bills/) [4] [CoinDesk: Senate Banking Committee to Hold Hearings on Digital Asset Bills](https://www.coindesk.com/policy/2021/06/30/senate-banking-committee-to-hold-hearings-on-digital-asset-bills/)
Technology plays a crucial role in the ongoing regulation of the crypto industry, as outlined in the Digital Asset Market CLARITY Act of 2025. This legislation, if passed, aims to establish a comprehensive federal regulatory framework for digital asset markets, accommodating the growth of stablecoins and crypto market structure.
