GENIUS Act and CLARITY Act: What Has Changed? The cryptocurrency market has experienced rapid growth in recent years, yet this expansion has been accompanied by deepening confusion due to regulatory uncertainty. News that the United States is introducing a sophisticated legal framework to address this issue has captured the attention of investors worldwide. Notably, the GENIUS Act, enacted in July 2025, and the CLARITY Act, passed by the House in early 2026, are being hailed as groundbreaking changes for the sustainable growth of the digital asset market. These developments are expected to serve as a crucial signal in reshaping the global financial system. U.S. cryptocurrency regulation is transitioning from a fragmented approach to a systematic and comprehensive legal framework. Previously, government and regulatory bodies primarily exercised oversight through lawsuits and aggressive enforcement, a method criticized for causing industry confusion and lacking clarity. For a long time, U.S. crypto oversight was shaped more by litigation than by clear laws, exacerbating uncertainty for both businesses and investors. However, since the GENIUS Act, enacted on July 18, 2025, came into effect, the situation has rapidly changed. This legislation established the first comprehensive federal cryptocurrency framework in U.S. history. Specifically, it clearly defined the $260 billion stablecoin market as a regulated entity and mandated 100% reserve backing for all stablecoin issuers, thereby strengthening financial stability. Furthermore, it established federal and state-level licensing pathways, enhancing the integration of regulatory oversight. This is seen as laying the groundwork for stablecoins to establish themselves as legitimate financial instruments capable of competing with traditional bank deposits. The core of the CLARITY Act is the clear delineation of jurisdictional boundaries between the SEC (U.S. Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission). Previously, the overlapping or unclear roles of these two agencies caused confusion for both the industry and investors. However, the new legislation establishes a classification system for digital assets, clearly defining each agency's responsibilities. The SEC has introduced a more granular system classifying digital assets into categories such as digital commodities, collectibles, utilities, stablecoins, and tokenized securities. This classification clarifies when federal securities laws apply and represents a significant step forward in acknowledging that not all digital assets function as investment products. Concurrently, on March 23, 2026, the SEC and CFTC issued joint interpretive guidance containing the first official token classification framework for digital assets. This guidance provides the legal certainty the industry has sought for over a decade, offering clear criteria for businesses to ascertain in advance which regulatory category their tokens fall into. These changes provide legal certainty for cryptocurrency market participants, fostering an environment where innovation and investment can be promoted. Token Classification and Redefinition of SEC/CFTC Roles Another notable legislative development is the 'Anti-CBDC Surveillance State Act.' Reflecting political debates about the future of central bank digital currencies (CBDCs), this bill prohibits the Federal Reserve (Fed) from issuing a retail CBDC without explicit congressional approval. This reflects concerns over protecting individual financial privacy and the expansion of government financial surveillance, receiving positive reception from the cryptocurrency community. The changes in U.S. cryptocurrency regulation are expected to have significant repercussions for traditional finance as well. On April 26, 2026, President Donald Trump publicly expressed his support for the 'Digital Asset Market Clarity Act' at a private event held at Mar-a-Lago. President Trump took a firm stance, stating that he would not allow bank lobbyists to obstruct legislation aimed at establishing regulatory frameworks for cryptocurrencies and stablecoins. This indicates that cryptocurrencies and stablecoins are presenting an alternative to traditional bank deposits, increasing the likelihood of a paradigm shift in the financial industry. The banking industry has resisted, raising concerns that stablecoins could undermine traditional deposit businesses if they offer interest or reward mechanisms. While they have engaged in various lobbying efforts to protect the traditional financial system, President Trump's remarks signal the administration's firm stance on crypto legislation, suggesting that regulatory changes are now an irreversible trend. This political backing re-energizes the legislative process, increasing the likelihood of the bill's passage. Of course, these changes do not guarantee only positive outcomes. If the cryptocurrency market becomes overly conservative due t
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