The GENIUS Act has completed its first year, renewing discussion on US cryptocurrency regulation as lawmakers and industry leaders call for broader reforms to protect market participants. Stablecoin rules established under the GENIUS Act are now viewed as a potential blueprint for expanding federal oversight across the digital asset sector.
Policy milestones and industry response
Mike Selig, current Chair of the US Commodity Futures Trading Commission (CFTC), described the GENIUS Act as a turning point for the country’s digital asset policy. He expressed appreciation for President Donald Trump and Senator Bill Hagerty, highlighting their roles in driving the law forward. According to Selig, the CFTC plans to build on this momentum to provide further clarity for both the industry and American consumers.
One year after the GENIUS Act became law, America is the crypto capital of the world. Thank you, President Donald Trump and Senator Bill Hagerty, for the leadership that made it possible. The CFTC will build on that leadership by helping to deliver CLARITY for the American people.
The GENIUS Act focused on establishing a clear regulatory framework for stablecoins and bringing more digital asset activity within the US regulatory perimeter. Supporters argue the law allows companies to operate with greater legal certainty, encouraging financial activity to move back into US-based, regulated markets.
Anchorage Digital, a federally chartered crypto bank, stated that the legislation served as a critical policy test. The firm noted significant onshoring of major stablecoin issuers and increased institutional participation since the law’s implementation.
Mini dictionary: Anchorage Digital is a US-based, federally regulated digital asset platform that provides crypto custody and banking services primarily for institutional clients.
The company reported that global firms now favor US infrastructure for digital asset transactions, citing committed capital from institutions as evidence of growing industry alignment with the new stablecoin regulations.
The GENIUS Act was a test: could the US re-onshore a growing industry through thoughtful legislation? One year in, the answer is clear—institutions have committed real capital, and global companies have chosen US infrastructure for digital assets.
Stablecoins and calls for broader reform
Stablecoins continue to play a central role in ongoing policy discussions due to their relationship with payment systems and regulatory compliance. Anchorage Digital emphasized that clear rules enable crypto issuers, custodians, and financial institutions to better manage compliance obligations and operational risk.
Despite these strides, Anchorage Digital underscored that additional legislative efforts are necessary to address broader market structure questions. The firm urged Congress to move forward with new legislation that would set comprehensive rules for digital assets beyond just stablecoins.
CLARITY Act debate and customer protection
The proposed CLARITY Act is designed to define regulatory responsibilities between agencies such as the Securities and Exchange Commission (SEC) and the CFTC, while also setting clear standards for exchanges and token issuers across the digital asset industry.
Senator Cynthia Lummis, a leading advocate for crypto regulation, pointed to recent failures of platforms like Celsius, Voyager, and FTX, where customers’ assets were treated as company property during bankruptcy. She stressed that the lack of clearly defined rules led to significant losses for users and emphasized the need for customer protections within future legislation.
Lummis called for bipartisan support of the CLARITY Act to ensure customer assets are protected in insolvency cases and to prevent future mismanagement. The current legislative debate could determine whether the achievements of the GENIUS Act will be extended to the wider digital asset market.
