Kristin Smith sums it up: These are the two weeks that changed US crypto policy.

Kristin Smith summarized two key weeks for crypto regulation in the U.S., marked by the passage of the GENIUS Act, legislative advances on cryptocurrencies, and new protections for investors and participants in the digital industry.

Smith, executive director of the Blockchain Association, posted a thread on X that condensed two pivotal weeks for crypto policy in the United States. 

The central axis, according to Smith, was the passage of the GENIUS Act, signed by President Donald Trump at the White House on July 18, 2025. This law represents The first independent and lasting federal regulatory framework for stablecoins, digital currencies pegged to the US dollar.

Historic legislation for stablecoins

As reported by this outlet, the GENIUS Act establishes a clear legal architecture for stablecoin issuers, differentiating between large issuers, overseen by federal entities such as the Federal Reserve, the FDIC, and the Office of the Comptroller of the Currency, and smaller issuers, which fall under state jurisdiction. This approach eliminates regulatory ambiguity by Exclude stablecoins from the definitions of “security” or “commodity”, which takes them out of the direct reach of the SEC and CFTC.

In addition, the GENIUS Act introduces strict licensing requirements, backed reserves, regular audits, and transparent consumer disclosure. 

Smith described This breakthrough as a milestone for the cryptocurrency industry and the country, indicating that it is "The first standalone cryptocurrency bill to become law. It unleashes stablecoin innovation and reinforces the dollar's dominance."Smith's comments highlight the potential for stablecoins to strengthen the US dollar's dominance in the digital financial system.

The new face of crypto regulation in the United States

During those two weeks, the House of Representatives also passed the CLARITY Act, which precisely delineates which regulatory agencies have jurisdiction over different types of cryptoassets. This initiative seeks to avoid regulatory overlaps and offer greater legal certainty to ecosystem players.

In parallel, passed anti-CBDC legislation, which limits the development of central bank-issued digital currencies. This measure addresses concerns about privacy and state control in the digital financial sector.

Another milestone was the approval of the Equal Opportunity for All Investors Act, which, according to Smith, modernizes the investor accreditation system. Thus, instead of relying exclusively on wealth criteria, the new legislation incorporates knowledge as an enabling factor for accessing investment opportunities. The executive director of the Blockchain Association hailed this change as a step toward economic inclusion in the crypto sector.

The Senate takes a break: here's what comes next

Kristin Smith also spoke about the regulatory pause that Congress typically takes in August, indicating that, during this time, the Senate takes the lead on a crucial issue: the regulation of digital assets. She reported that a bipartisan group of senators, including Tim Scott, Cynthia Lummis, Bill Hagerty and Bernie Moreno, has been working on a draft law that seeks to establish a clear and coherent framework for the trading, custody, and issuance of cryptocurrencies. 

According to Smith, this initiative reflects a rare but welcome cross-party consensus to seriously address the dynamic and complex crypto market, with the goal of keeping the United States as the leader in financial innovation.

In line with the above, the long-awaited 30-day report of the President's Digital Assets Working Group was presented on July 180th, a key document that outlines the regulatory and legislative priorities for the future of the sector. According to Smith, after the brief summer break from Congress, The legislative autumn will be decisive in consolidating a solid and reliable regulatory framework. that drives the sustainable development of the crypto industry.

The senators' commitment to improving this regulation demonstrates their willingness to build trust and a legal environment that benefits issuers, investors, and developers alike. Given this scenario, what lies ahead is a decisive period that could define the course of digital finance in the United States for years to come.