US Crypto Market Structure Bill
As of February 2026, the U.S. is operating under a dual-legislative framework for digital assets. The GENIUS Act was signed into law on July 18, 2025, establishing a federal regulatory system for stablecoins. Currently, the primary focus in Congress is the CLARITY Act (Digital Asset Market Clarity Act), which seeks to define the broader market structure and jurisdictional boundaries between the SEC and CFTC.
Legislative Status (February 2026)
CLARITY Act (H.R. 3633): Passed the House in July 2025 and advanced through the Senate Agriculture Committee on January 29, 2026, with a narrow 12-11 vote. It is currently pending in the Senate Banking Committee, where a markup originally scheduled for January 15, 2026, was postponed due to disagreements over stablecoin yields.
GENIUS Act: Currently active law. It requires 100% reserve backing for stablecoins and prohibits issuers from paying interest or yield directly to holders.
FIT21 (Financial Innovation and Technology for the 21st Century Act): While this bill passed the House in 2024, it serves as the foundational template for the current CLARITY Act.
Key Regulatory Initiatives
In coordination with these bills, major regulatory shifts occurred in early 2026:
Project Crypto: Launched on January 29, 2026, as a joint initiative between the SEC and CFTC to unify digital asset oversight and eliminate "regulation by enforcement".
Bank Integration: On December 12, 2025, the OCC granted conditional national trust bank charters to five major crypto firms, including Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets, allowing them to operate under a federal banking framework.
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