The GENIUS Act, which became law a year ago this past week, was a landmark event for the burgeoning digital asset industry. Regulated “payment stablecoins” have been approved for issuance and usage in the United States, paving the way for faster, less expensive, and more secure transfers and payments.
While the GENIUS Act moved relatively painlessly through Congress, the CLARITY Act, crypto market infrastructure legislation, is mired in politics with various political factions seeking their pound of flesh before the bill makes it to the Senate floor and potentially the President’s desk to be signed into law.
Crypto Council for Innovation CEO Ji Hun Kim issued a statement on the anniversary of the legislation, embracing its approval as establishing a federal framework for payments stablecoins with clear reserve standards that highlight digital asset policy, competitiveness, and consumer trust.
“A year in, agencies, institutions, and innovators are building on a clearer foundation, and stablecoins are moving rapidly toward mainstream adoption. CCI thanks the members and staff who made GENIUS law, to President Trump for signing it into law, and to all the policymakers who continue to work tirelessly to ensure America leads the future of the global digital asset economy,” said Kim, while calling for the CLARITY Act to move forward, declaring the “time is now.”
Insider insiders agree with Kim’s request.
Mike Novogratz, founder and CEO of Galaxy Digital, stated:
“The Clarity Act is essential for America’s future. We are down to “word smithing” around an ethics clause. US citizens don’t want politicians financially getting a better ‘edge’ than the common citizen has. Both Republicans and Democrats know this. They both see the polls. I am calling on both sides to read the room. This is going to mean that the Republican senators are going to have to push harder with the White House, and that [Democrat] senators need to realize they are not going to solve all corruption issues government-wide in a digital assets bill. Prove to us that, like with housing, Congress can still function for the long-term good of the American people.”
The Chairman of the CFTC, Mike Silag, said the GENIUS Act helped make America the crypto capital of the world. The CLARITY Act will build on that.
Meanwhile, the updated language of the bill, expected weeks ago, remains AWOL.
Kristin Smith, former CEO of the Blockchain Association and now President at Solana, notes the last big piece is the ethics portion – something some Democrats have been hammering. More specifically, to target the President and his family, which has been active in the crypto sector. Smith says the ethics language must apply to Congress too – not just the President and the White House- and is now partaking in crafting updated language in a “make or break moment” for the bill.
Expressing her optimism on approval, even as time is running out on Congress, Smith stated:
“This is a legacy-making moment for the President, and he knows how to close a deal. Get ethics right, break the logjam, and he signs the most important crypto law in American history. Both sides of the aisle want to get this done.”
Outspoken and outgoing Chief Legal Officer at Coinbase Paul Grewal explains that if you love crypto, pass the CLARITY Act. And if you hate crypto, pass it too because it protects consumers and businesses while strengthening guardrails against abuse.
With the summer recess just around the corner, the pressure is on. Will the Democrats die on the hill of politics even if it creates long-term damage to the country? Will the White House agree to a compromise? And what about the banking industry that simply fears competition and relevance (it doesn’t matter if it is good for consumers)?
Time is running out.