The CLARITY Act clarifies whether cryptocurrencies qualify as securities or commodities, defining the SEC’s regulatory authority in the sector. The Anti-CBDC Surveillance State Act seeks to block the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals or using it for monetary policy without congressional approval, with both now heading to the Senate.

These three bills will drive two systemic changes. First, regulatory responsibilities will be restructured: the CFTC, the top U.S. commodities regulator, will become the primary supervisor for digital commodities. Second, global capital flows may shift—mandated U.S. debt reserves could make stablecoin issuers the third-largest buyers of U.S. Treasuries.

The move is set to reshape the crypto industry landscape. Balancing regulatory security and technological innovation through government-enterprise collaboration will be a key test in the next phase.