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While the EU has been busy regulating digital assets since early discussions in 2020 and is now leading the Markets in Crypto-Assets Regulation (MiCA), the US has avoided introducing specific crypto laws for years. Instead, it relied on applying existing statutes to the digital space.
Summary
- Three major bills mark a policy shift: the CLARITY Act defines token categories and lifecycle transitions; the GENIUS Act regulates the issuance of stablecoins; and the Anti-CBDC Act seeks to ban a US central bank digital currency.
- US vs. EU Approaches: The EU’s MiCA provides a unified framework, while the US remains fragmented across agencies – although the gap is narrowing as the SEC and other regulators begin to align their policies.
- Momentum is building: With SEC approvals for Bitcoin and Ethereum ETPs and Nasdaq’s move into tokenized securities, the US is shifting from avoidance to active crypto integration – paving the way for a more mature digital asset economy.
This ‘made room’ for the crypto world to exist, but that was by no means easy. Uncertainty drove companies and individuals to more crypto-friendly jurisdictions. Under the Biden administration, regulatory pressure – commonly referred to as Operation Choke Point 2.0 – actually discouraged banks from serving the digital asset industry.
This year, the US is suddenly all over the crypto news and making headlines. President Donald Trump made it clear that digital finance has become a federal priority. Following this, three major bills entered Congress: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. Together, they push the US closer to a crypto framework that could resemble the EU’s recognition and categorization of digital assets.
The changing framework
The CLARITY Act (proposed) seeks to create a federal framework for digital commodities under joint supervision by the SEC and the CFTC. Its innovation is the proposed concept of ‘investment contract assets’, which means that a token initially treated as a security can transition to commodity status once it is decentralized and mature. It establishes categories such as digital commodities, digital assets that remain securities, and permitted payment stable coins, and rules for custody, transactions, AML, and international cooperation.
The GENIUS Act, which came into effect in July 2025, imposes strict licensing requirements on stablecoin issuers, such as the 1:1 backing with safe liquid assets, monthly reserve reports, AML compliance, no interest for holders, and redemption rights if an issuer goes bankrupt. MiCA has similar provisions for asset referenced tokens and electronic money, but applies them under a single license across the EU.
The Anti-CBDC Act, which already exists past the US House of Representatives, but not yet law, is taking a different approach and aims to completely ban any US central bank digital currency. The EU, on the other hand, is actively exploring a digital euro under the supervision of the ECB.
Fragmented but moving
The US is now focusing on three key issues: asset classes, reserve requirements for stablecoins and consumer protection. It is impossible not to compare this to the EU’s framework, which is recognized as an integrated system, while the proposed US approach remains fragmented and agency-driven. For issuers, the EU offers one clear route to compliance, while the US, even with this new envisioned framework, would have to navigate multiple regulators, although the gap may narrow.
While two of the laws are still proposals and the framework appears fragmented, agencies are already stepping in to fill the gaps by issuing specific regulations. The SEC has already taken steps: In July, it approved Bitcoin (BTC) and Ethereum (ETH) exchange-traded products to operate with in-kind creations and redemptions, bringing them on par with commodity-based ETPs like gold. SEC Chairman Paul S. Atkins called it a step toward a “fit for purpose” framework. Meanwhile, Nasdaq has asked the SEC to approve trading in tokenized securities, with clear labels so that clearinghouses and the Depository Trust Company can process them like conventional stocks. If adopted, blockchain technology will shift from the periphery to the core of stock markets.
The big picture is clear: After years of avoidance, the US is now building a regulatory structure for digital assets. The country is not yet as united as that of Europe, but it is suddenly making rapid progress. For industry leaders, this is both a challenge and an opportunity: adapting to evolving rules while shaping how the US positions itself in the global digital economy.
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