The GENIUS Act isn't directly about DeFi — it regulates centralized stablecoins with full reserves offchain. But it is very good for DeFi — the more dollars and people there are onchain, the more need there will be for onchain finance of all kinds. Payments are just a gateway.

The GENIUS Act is great for the entire crypto space. A lot of TradFi has avoided crypto for fear of regulatory risk. Now they can use stablecoins in clear compliance with U.S. law. More dollars and people coming onchain — a huge benefit and opportunity for all of crypto.

The CLARITY Act passes the House 294 - 134. 78 Democrats voted yes: a huge number, more than FIT21 got and more than most people (including me) expected today. Now CLARITY goes to the Senate where it faces an even bigger challenge. Market structure legislation to be continued.

A few moments ago on the House Floor, @RepFrenchHill acknowledged that "decentralized finance or DeFi developers do not take custody of user assets, nor do they control user assets. Therefore, we should not treat them in the same way we treat centralized actors who do have custody, who do have control over assets." Thank you Chair Hill for recognizing DeFi's unique characteristics.

Went deep with @jchervinsky on @CryptoAmerica_; discussed the evolving regulatory story, implications/opportunities for crypto founders in the US, unpacking tokens vs. equity, progressive decentralization in 2025, what's next for DeFi, etc 👇

The short version of crypto week as of Thursday AM for those trying to follow the chaos in Congress: The House is trying to pass three bills this week — GENIUS (stablecoins), CLARITY (market structure), and Anti-CBDC (self-explanatory). GENIUS already passed the Senate, so if it passes the House, it goes to the President and becomes law. CLARITY and Anti-CBDC are new in the House, so would move on to the Senate. On Tuesday, the House Freedom Caucus and others blocked a procedural vote to advance the bills for a variety of reasons, but mainly over CBDCs, which they despise. The concern was that the Anti-CBDC bill wasn't prioritized enough and might fail even while GENIUS and CLARITY pass. On Wednesday, a deal was struck to include the Anti-CBDC bill in a must-pass bill, the National Defense Authorization Act (NDAA). The House then voted 217 - 212 in favor of moving forward on all three bills. That vote took 10 hours, the longest vote in modern House history. Now this morning, the House is back to debate and vote on GENIUS and CLARITY. The President has a signing ceremony scheduled for tomorrow (Friday) and everyone expects GENIUS to be on his desk by then, so hopes are high for stablecoin legislation to be done today. CLARITY will likely slip to next week. Exciting times for crypto policy — stay tuned . . . .

The CLARITY Act represents meaningful progress towards greater regulatory clarity for the digital asset industry and critical protections for DeFi developers, users, and technology in the US. In a new DEF Blog, we outline what CLARITY means for DeFi.

It’s Crypto Week in America. 🇺🇸 The House will pass GENIUS into law, and CLARITY to the Senate. Time to put some points on the board, and regulatory clarity for founders and investors on the books. A lot of hard work brought us to this point, from @POTUS @DavidSacks @BoHines @SenatorHagerty @SenLummis @SenatorTimScott @RepFrenchHill @GOPMajorityWhip @SenGillibrand @RitchieTorres @CongressmanGT @RepBryanSteil and many others. Couldn’t be more excited for this milestone and all of the innovation it will unlock. Onwards.

1/ United for CLARITY: The 3 leading U.S. digital asset trade groups — @BlockchainAssn, @crypto_council, and @DigitalChamber — are calling on Congress to pass the bipartisan CLARITY Act. It’s time for regulatory certainty.

Next week is confusing for crypto in the USA. In the legislature, the House votes on key legislation to provide regulatory clarity and open the floodgates for crypto innovation. In the judiciary, the DOJ starts the trial of Roman Storm to imprison a DeFi dev for writing code.