The GENIUS Act provides a national innovation framework for stablecoins. The CLARITY Act establishes legal infrastructure for the digital asset market. The Anti-CBDC bill aims to restrict the Federal Reserve’s development of a digital currency. 

Trump-Supported GENIUS Act Had Already Passed the Senate 

Former President Donald Trump had previously announced plans to rapidly advance his crypto agenda. As part of this, Republican lawmakers prepared a “crypto week” for this week and urged all party members to support the bills. 

The GENIUS Act had been approved by the Senate in June. Trump is expected to sign the bill on Friday, provided there are no further changes. Some Democrats criticized the process, citing conflicts of interest and corruption suspicions. 

Meanwhile, before the vote, some Republicans who demanded special regulations banning CBDCs temporarily blocked the process for several hours. However, the bills were ultimately approved with support from Republicans and more Democrats than expected. Approximately 80 Democrats voted “yes” for the CLARITY Act, and over 100 supported the GENIUS Act. 

CBDC Debates Intensify, FED in the Spotlight 

The Federal Reserve’s digital currency development has faced longstanding criticism from conservatives. The Anti-CBDC Surveillance State Act argues that this development could be a “secret surveillance tool” and calls for its ban. Republican lawmakers support the bill on grounds of protecting individual privacy. 

However, many experts believe this bill risks blocking not only the FED but all digital currency initiatives. Meanwhile, actors in the tech and finance sectors believe these regulations could eliminate uncertainties for the digital asset ecosystem. 

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The proposal targets the President, Vice President, members of Congress, and senior officials. Family members of these individuals are also included. The law bans digital earnings starting 180 days before holding office and lasting for two years after leaving. 

Trump’s family-related World Liberty Financial (WLF) platform announced $57.4 million in revenue for 2024, which sparked the COIN Act initiative. The bill aims to prevent ethical violations and ensure transparency. 

Schiff said, “President Donald Trump’s cryptocurrency dealings raised significant ethical, legal, and constitutional concerns about using the presidency to enrich himself and his family. Therefore, I am introducing legislation to prevent any financial exploitation of digital assets by the president and the First Family, including public officials.” 

Key Provisions of the COIN Act 

The bill severely restricts digital asset activities. Notable points include: 

• Broad Scope: Covers all digital assets like memecoins, NFTs, and stablecoins. Mining, sponsoring, and promoting these assets will be prohibited. 
• Clear Timeline: The law applies 180 days before the term begins and continues for two years after the term ends. Family members are also subject to these bans. 
• Increased Transparency: Every transaction over $1,000 must be reported. Digital assets must be included in annual income disclosures. 
• Harsh Penalties: Profits will be forfeited to the government. Fines and imprisonment may also apply. 
• Legal Update: The GAO will prepare an ethics rule proposal within 360 days after the law’s enactment, marking a significant step in digital asset regulation. 

Political Tensions: Will the COIN Act Pass? 

Trump’s USD1 stablecoin initiative and $TRUMP memecoin launch have intensified conflict-of-interest debates. As of April, Trump’s digital assets were reported at $2.9 billion, representing 40% of his total wealth. 

In May, an Abu Dhabi-based company planned a $2 billion investment in Binance with the WLF stablecoin. Also, the family’s stake in WLF dropped from 75% in December to 40% in June. This decline means millions in potential gains. However, the COIN Act’s passage remains uncertain. Democrats are in the minority in the Senate, and Trump is likely to veto it. The bill requires a two-thirds majority in both chambers to pass. 

Senator Schiff had previously supported the GENIUS Act, but that bill excluded the president and vice president. The COIN Act aims to close this gap and prevent the misuse of public office for personal profit. 

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Stark: “Crypto Assets Are Still Securities”

Former SEC Internet Enforcement Director John Reed Stark opposed suggestions for regulatory reform. He argued that the Securities Acts of 1933 and 1934 shouldn’t be amended to accommodate digital assets, maintaining that crypto assets remain securities under current law.

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“People buying crypto are not collectors. They are investors, and the SEC’s mission is to protect investors,” Stark stated. He criticized crypto firms for using delay tactics and top legal representation, only to lose their cases.

“No Innovation in Crypto”

Stark also dismissed claims of innovation in the crypto space, arguing it doesn’t compare to major tech revolutions like the iPhone launch.

A Long-Time Crypto Critic

Stark has consistently criticized the cryptocurrency industry for lacking transparency and accountability. In February 2024, he likened the Dallas Mavericks’ sponsorship with Voyager to a deal with a “heroin manufacturing firm.”

While supporting Gary Gensler’s regulation-by-enforcement approach, Stark insists crypto must conform to existing laws. However, industry leaders like Mark Cuban have criticized his views, with Cuban labeling them “crypto derangement syndrome” in June 2023.

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