Crypto legislation: Trump signs GENIUS Act into law — CLARITY Act heads to the Senate

Regulatory Landscape - The Genius Act, a "rules of the road bill" for stablecoins, has been signed into law [1] - The Clarity Act, which aims to define market structure for digital assets by distinguishing commodities from securities, is a key priority for the crypto industry [2] - The Clarity Act passed the House but needs to go through the Senate [3] - Senators Cynthia Lumis and Rick Scott are expected to release their version of the Clarity Act later this month [3] - Bipartisan support in the Senate is necessary for the Clarity Act to pass, requiring collaboration between parties to reconcile House and Senate versions [3] Industry Outlook - The crypto industry views the signing of the Genius Act as a positive step, but considers the passage of the Clarity Act as the ultimate goal [1][2] - Despite the celebratory atmosphere, the crypto industry's objectives are not yet fully achieved [4]