Regulatory clarity in the United States continues to be the headline of crypto this year. Lawmakers wrapped up “Crypto Week” by sending three bills to the White House:
- GENIUS Act: establishes Federal Reserve oversight and a licensing framework for stablecoins
- Digital Asset Market Clarity Act: divides SEC and CFTC jurisdiction using a Howey‑style test
- Anti‑CBDC Surveillance State Act: prohibits the Federal Reserve from issuing a central bank digital currency (CBDC)
The GENIUS Act has cleared both chambers; the other two now move to the Senate. Together, the trio would form the first comprehensive federal statutes for the industry.
Market reaction
- Bitcoin is flat this week
- – These regulations impact the public companies themselves, far more than Bitcoin
- Crypto brokers, exchanges, and asset managers are up 4.5%
- – U.S. businesses most directly affected by the new rules led the gains with Coinbase, Circle, and Galaxy Digital rising 8%, 19%, and 33%, respectively, this week
- Bitcoin network operators are up 5%
- – While the bills do not change mining economics, clearer regulations boost institutional interest and, in turn, network fees and transaction volumes, creating a modest tailwind
- Crypto influenced are up 4%.
- Crypto‑treasury companies are down 10%.
Bottom line
Regulatory clarity in the U.S. is building momentum, and public crypto companies are seeing share‑price appreciation as a result. When these bills are enacted, momentum should accelerate as traditional financial institutions move further into crypto.