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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Bilateral Talks on Digital Assets Held in Washington

Bilal Bin Saqib, Pakistan’s Minister of State for Crypto and Blockchain, met with Robert “Bo” Hines, executive director of Trump’s Council on Digital Assets. According to a report by 24NewsHD, the two discussed broad collaboration across Bitcoin, decentralized finance, and cross-border innovation.

Following the meeting, Saqib emphasized:

“It is my mission to position Pakistan as a global leader in digital assets. We’re establishing a Bitcoin reserve and building infrastructure for AI data zones and crypto mining.”

The Trump administration, through Hines and Council Chair David Sacks, has previously expressed strong interest in ensuring the U.S. leads globally in digital asset innovation.

Pakistan Eyes Bitcoin Mining With 2,000 Megawatts of Surplus Power

Beyond creating a reserve, Pakistan is also aiming to convert 2,000 megawatts of surplus electricity into Bitcoin mining and AI-focused infrastructure. The plan is designed to turn underused national resources into digital productivity while boosting employment and modernization.

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The country is also building a regulatory framework. On May 21, Pakistan’s Finance Ministry approved the creation of the Pakistan Digital Assets Authority (PDAA), a new body set to regulate exchanges, custodians, wallets, stablecoins, and DeFi protocols.

IMF Flags Concerns Over Energy Use Amid Economic Strains

However, not everyone is convinced. On May 31, the International Monetary Fund (IMF) raised concerns about the legality and viability of allocating so much energy to crypto mining during an ongoing financial assistance negotiation.

The IMF asked Pakistan’s Finance Ministry to clarify the legal grounds and energy impact of the initiative, especially as the nation battles chronic power shortages and economic instability.

Whether Pakistan can strike a balance between digital innovation and fiscal responsibility remains a critical question in the coming months.

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