The shifting framework
The CLARITY Act (proposed) seeks to create a federal framework for digital commodities under joint SEC and CFTC oversight. Its innovation is the suggested “investment contract asset” concept, which means that a token initially treated as a security can shift to commodity status once decentralized and mature. It sets categories like Digital Commodities, Digital Assets that remain securities, and Permitted Payment Stablecoins, and rules for custody, transactions, AML, and international cooperation.
The GENIUS Act, enacted in July 2025, imposes strict licensing for stablecoin issuers, like the 1:1 backing with safe liquid assets, monthly reserve reports, AML compliance, no interest to holders, and redemption rights if an issuer fails. MiCA has similar provisions for asset-referenced and e-money tokens, but applies them under a single license across the EU.
The Anti-CBDC Act, which has already passed the U.S. House of Representatives but is not yet law, takes a different tack, aiming to ban any U.S. central bank digital currency outright. By contrast, the EU is actively exploring a digital euro under ECB oversight.
Fragmented but moving
The U.S. is now focusing on three key points: asset categories, stablecoin reserve requirements, 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 U.S. approach remains fragmented and agency-driven. For issuers, the EU offers one clear route to compliance, while the U.S., even with this new intended framework, would require navigating multiple regulators, though the gap may narrow.
That said, while two of the acts remain proposals and the framework looks fragmented, agencies are already stepping in to fill the gaps by issuing specific regulations. The SEC has already moved: in July, it approved Bitcoin 
btc0.07%Bitcoin and Ethereum 
eth0.28%Ethereum exchange-traded products to operate with “in-kind” creations and redemptions, aligning them 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 of tokenized securities, with clear labeling so clearing houses and the Depository Trust Company can process them like conventional stocks. If adopted, blockchain technology would shift from the periphery to the core of equity markets.
The big picture is clear: after years of avoidance, the U.S. is now building a regulatory structure for digital assets. It is not yet as unified as Europe’s, but it is suddenly moving fast. For the leaders of the industry, this is both a challenge and an opportunity: to adapt to evolving rules while shaping how the U.S. positions itself in the global digital economy.
