Currency – CONGRESS MACHINE

HR 3633: Digital Asset Market Clarity Act of 2025

Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025

This bill establishes a regulatory framework for digital commodities, defined by the bill as digital assets that rely upon a blockchain for their value.

The Commodity Futures Trading Commission must generally regulate digital commodities transactions, including digital commodity exchanges, brokers, and dealers. To qualify for trade on an exchange (1) a digital commodity’s blockchain must be mature, or on a blockchain system that has achieved decentralized control as defined by the bill; or (2) the issuer of the digital commodity must file certain reports. The bill establishes requirements for trade monitoring, recordkeeping, and the commingling of customer assets.

The bill exempts digital commodities on mature blockchains (and digital commodities on blockchains expected to mature within certain timeframes) from Securities and Exchange Commission (SEC) registration requirements if annual sales fall under a certain amount and other requirements are met. The bill provides the SEC with jurisdiction over digital commodity activities and transactions engaged in by certain brokers and dealers on alternative trading systems and by national securities exchanges.

Digital commodity exchanges, brokers, and dealers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.

The bill also sets forth requirements for alternative trading systems, previously issued digital commodities, and provisional registration until the bill is implemented.

For more information on this bill, see CRS Insight IN12583, Crypto Legislation: An Overview of H.R. 3633, the CLARITY Act.

Sponsors

J. Hill (R) AR

Cosponsors

Glenn Thompson (R) PA, Angie Craig (D) MN, Tom Emmer (R) MN, Dusty Johnson (R) SD, Donald Davis (D) NC, Bryan Steil (R) WI, Ritchie Torres (D) NY, Warren Davidson (R) OH

Introduced on
Thursday, May 29th, 2025

Subjects
Advanced technology and technological innovations, Bank accounts, deposits, capital, Banking and financial institutions regulation, Business records, Computers and information technology, Currency, Digital media, Financial services and investments, Fraud offenses and financial crimes, Licensing and registrations, Securities

S 1582: GENIUS Act

Guiding and Establishing National Innovation for U.S. Stablecoins Act or the GENIUS Act

This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).

Under the bill, only permitted issuers may issue a payment stablecoin for use by U.S. persons, subject to certain exceptions and safe harbors. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. Permitted issuers may choose federal or state regulation; however, state regulation is limited to those with a stablecoin issuance of $10 billion or less.

Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.

The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.

The bill allows foreign issuers of stablecoins to offer, sell, or make available in the United States stablecoins using digital asset service providers, subject to requirements, including a determination by the Department of Treasury that they are subject to comparable foreign regulations.

Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.

S 1525: Common Cents Act

Sponsors

Cynthia Lummis (R) WY

Cosponsors

Kirsten Gillibrand (D) NY

Introduced on
Wednesday, April 30th, 2025

Subjects
Consumer affairs, Currency, Monetary policy

HR 3074: Common Cents Act

Sponsors

Lisa McClain (R) MI

Cosponsors

Robert Garcia (D) CA

Introduced on
Tuesday, April 29th, 2025

Subjects
Consumer affairs, Currency, Monetary policy

HRES 353: Impeaching Donald John Trump, President of the United States, for high crimes and misdemeanors.

This resolution impeaches President Donald Trump for high crimes and misdemeanors.

The resolution sets forth seven articles of impeachment of the President: (1) obstruction of justice, violation of due process, and a breach of the duty to faithfully execute laws; (2) usurpation of Congress’ appropriations power; (3) abuse of trade powers and international aggression; (4) violation of First Amendment rights; (5) creation of an unlawful office; (6) bribery and corruption; and (7) tyranny.

Sponsors

Shri Thanedar (D) MI

Cosponsors

Kweisi Mfume (D) MD, Jerrold Nadler (D) NY, Robin Kelly (D) IL

Introduced on
Monday, April 28th, 2025

Subjects
Advanced technology and technological innovations, Alliances, Appropriations, Border security and unlawful immigration, Canada, Citizenship and naturalization, Congressional-executive branch relations, Constitution and constitutional amendments, Criminal investigation, prosecution, interrogation, Currency, Denmark, Department of Education, Department of Justice, Department of Transportation, Department of Veterans Affairs, Detention of persons, Diplomacy, foreign officials, Americans abroad, Due process and equal protection, Education programs funding

HR 2392: STABLE Act of 2025

Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 or the STABLE Act of 2025

This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).

Under the bill, only permitted issuers may issue a payment stablecoin in the United States, subject to certain exceptions. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. A state regulator must certify that the state regulatory regime meets or exceeds federal requirements as established by the bill.

Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.

The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.

The bill places a two-year moratorium on new endogenously collateralized stablecoins (i.e., stablecoins that rely on the value of another digital asset created or maintained by the same originator to maintain the fixed price).

Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.

Sponsors

Bryan Steil (R) WI

Cosponsors

J. Hill (R) AR, Ritchie Torres (D) NY, Tom Emmer (R) MN, Bill Huizenga (R) MI, Daniel Meuser (R) PA, Young Kim (R) CA, Tim Moore (R) NC, Troy Downing (R) MT, Mike Haridopolos (R) FL, Josh Gottheimer (D) NJ, Sam Liccardo (D) CA

Introduced on
Wednesday, March 26th, 2025

Subjects
Bank accounts, deposits, capital, Banking and financial institutions regulation, Civil actions and liability, Computer security and identity theft, Computers and information technology, Congressional oversight, Consumer affairs, Currency, Digital media, Financial services and investments, Fraud offenses and financial crimes, Government studies and investigations, Judicial procedure and administration, Securities, State and local government operations

HR 2384: Financial Technology Protection Act of 2025

Financial Technology Protection Act of 2025

This bill establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing. The working group must study and report on terrorist and illicit use of digital assets and other related emerging technologies and develop proposals to improve anti-money laundering and counterterrorist financing efforts.

The working group terminates four years after the bill’s enactment or after the working group completes any ongoing activities, whichever is later.

In addition, the Department of the Treasury must (1) report on the potential use of digital assets and other emerging technologies by states, nonstate actors, and terrorist groups for the purpose of evading sanctions to threaten the national security of the United States; and (2) describe a strategy to mitigate and prevent this usage.

Sponsors

Zachary Nunn (R) IA

Cosponsors

James Himes (D) CT

Introduced on
Wednesday, March 26th, 2025

Subjects
Advanced technology and technological innovations, Advisory bodies, Banking and financial institutions regulation, Computers and information technology, Congressional oversight, Currency, Department of the Treasury, Digital media, Fraud offenses and financial crimes, Government information and archives, Government studies and investigations, Presidents and presidential powers, Vice Presidents, Sanctions, Terrorism

S 919: GENIUS Act of 2025

Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 or the GENIUS Act of 2025

This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).

Under the bill, only permitted issuers may issue a payment stablecoin for use by U.S. persons, subject to certain exceptions. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. Permitted issuers may choose federal or state regulation; however, state regulation is limited to those with a stablecoin issuance of $10 billion or less.

Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.

The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.

The bill allows foreign issuers to offer stablecoins in the United States if the issuer has the capability to comply with lawful orders. The Department of the Treasury must establish reciprocal agreements between the United States and similarly regulated jurisdictions.

Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.

Sponsors

Bill Hagerty (R) TN

Cosponsors

Tim Scott (R) SC, Kirsten Gillibrand (D) NY, Cynthia Lummis (R) WY, Angela Alsobrooks (D) MD

Introduced on
Monday, March 10th, 2025

Subjects
Accounting and auditing, Bank accounts, deposits, capital, Banking and financial institutions regulation, Bankruptcy, Business records, Civil actions and liability, Congressional oversight, Currency, Digital media, Financial crises and stabilization, Financial services and investments, Fraud offenses and financial crimes, Government studies and investigations, Interest, dividends, interest rates, International monetary system and foreign exchange, Judicial procedure and administration, Judicial review and appeals, Licensing and registrations, Securities

HR 1919: Anti-CBDC Surveillance State Act

Anti-CBDC Surveillance State Act

This bill prohibits a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar). Further, the Board of Governors of the Federal Reserve System is prohibited from using a central bank digital currency to implement monetary policy or from testing, studying, creating, or implementing a central bank digital currency, with exceptions as provided by the bill.

Sponsors

Tom Emmer (R) MN

Cosponsors

J. Hill (R) AR, John Moolenaar (R) MI, Richard Hudson (R) NC, Andrew Ogles (R) TN, Mike Bost (R) IL, Scott Franklin (R) FL, Marjorie Greene (R) GA, Andy Biggs (R) AZ, Michael Cloud (R) TX, Mike Flood (R) NE, Paul Gosar (R) AZ, Young Kim (R) CA, Daniel Meuser (R) PA, Warren Davidson (R) OH, Kevin Kiley (R) CA, Byron Donalds (R) FL, Scott Fitzgerald (R) WI, Anna Paulina Luna (R) FL, Andrew Garbarino (R) NY, Frank Lucas (R) OK

Introduced on
Thursday, March 6th, 2025

Subjects
Bank accounts, deposits, capital, Computers and information technology, Currency, Digital media, Financial services and investments

HR 1770: Consumer Safety Technology Act

Consumer Safety Technology Act

This bill (1) establishes a pilot program to explore the use of artificial intelligence to support the Consumer Product Safety Commission (CPSC), and (2) requires reports related to blockchain technology and digital tokens.

Specifically, the CPSC must consult with relevant stakeholders, such as data scientists and product manufacturers, and use artificial intelligence for a least one of the following purposes: (1) tracking trends in injuries involving consumer products, (2) identifying consumer product hazards, (3) monitoring the sale of recalled consumer products, or (4) identifying consumer products that do not meet specified importation requirements related to product safety.

The bill also requires (1) the Department of Commerce to report on existing and emerging uses of blockchain technology for consumer protection, and (2) the Federal Trade Commission to report on its efforts to prevent unfair or deceptive practices relating to digital tokens.

Sponsors

Darren Soto (D) FL

Cosponsors

Kathy Castor (D) FL, Lori Trahan (D) MA

Introduced on
Monday, March 3rd, 2025

Subjects
Advanced technology and technological innovations, Advisory bodies, Computers and information technology, Consumer affairs, Currency, Fraud offenses and financial crimes

HR 1577: Stop Fentanyl Money Laundering Act of 2025

Stop Fentanyl Money Laundering Act of 2025

This bill expands efforts to prevent money laundering related to international fentanyl and narcotics distribution.

The bill allows the Department of the Treasury to impose restrictions on an entity or activity determined to be of primary money-laundering concern in connection with illicit fentanyl and narcotics trafficking. Specifically, if Treasury determines that a foreign financial institution, class of transaction, or type of account is of such concern, Treasury may require domestic financial institutions and agencies to take special measures, such as reporting certain financial transactions involving that entity or activity.

The Financial Crimes Enforcement Network (FinCEN) must issue advisories to financial institutions about how to identify Chinese money laundering that facilitates the trafficking of fentanyl and other synthetic opioids. FinCEN must also issue guidance to financial institutions for filing suspicious transaction reports related to suspected narcotics trafficking by transnational criminal organizations.

Sponsors

Andrew Ogles (R) TN

Cosponsors

Monica De La Cruz (R) TX, Daniel Meuser (R) PA, Zachary Nunn (R) IA, Young Kim (R) CA, Pete Sessions (R) TX, CLEO FIELDS (D) LA

Introduced on
Tuesday, February 25th, 2025

Subjects
Asia, China, Civil actions and liability, Congressional oversight, Currency, Drug trafficking and controlled substances, Fraud offenses and financial crimes, Government studies and investigations, International monetary system and foreign exchange, Latin America, Mexico, Organized crime, Terrorism

S 691: Leveling the Playing Field 2.0 Act

Sponsors

Todd Young (R) IN

Cosponsors

Tina Smith (D) MN, Tommy Tuberville (R) AL, Amy Klobuchar (D) MN, Lindsey Graham (R) SC, Tammy Baldwin (D) WI, Tom Cotton (R) AR, John Fetterman (D) PA, Roger Wicker (R) MS, Ruben Gallego (D) AZ, Jim Banks (R) IN, Elizabeth Warren (D) MA, Eric Schmitt (R) MO, Kirsten Gillibrand (D) NY, Bernie Moreno (R) OH, Katie Britt (R) AL

Introduced on
Monday, February 24th, 2025

Subjects
Administrative remedies, Canada, Civil actions and liability, Competitiveness, trade promotion, trade deficits, Currency, Customs enforcement, Foreign and international corporations, Fraud offenses and financial crimes, Free trade and trade barriers, Government information and archives, Government studies and investigations, International monetary system and foreign exchange, Mexico, North America, Tariffs, Trade agreements and negotiations

HR 1548: Leveling the Playing Field 2.0 Act

Sponsors

Beth Van Duyne (R) TX

Cosponsors

None

Introduced on
Monday, February 24th, 2025

Subjects
Administrative remedies, Canada, Civil actions and liability, Competitiveness, trade promotion, trade deficits, Currency, Customs enforcement, Foreign and international corporations, Fraud offenses and financial crimes, Free trade and trade barriers, Government information and archives, Government studies and investigations, International monetary system and foreign exchange, Mexico, North America, Tariffs, Trade agreements and negotiations

HR 595: To amend the Convention on Cultural Property Implementation Act to make certain technical corrections to facilitate the lawful trade and collecting of numismatic materials.

Sponsors

Beth Van Duyne (R) TX

Cosponsors

Dusty Johnson (R) SD, Mark Amodei (R) NV, Burgess Owens (R) UT, Sara Jacobs (D) CA

Introduced on
Tuesday, January 21st, 2025

Subjects
Currency, Customs enforcement, Trade restrictions

HJRES 25: Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales”.

This joint resolution nullifies the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the Internal Revenue Service (IRS) on December 30, 2024. The rule generally requires persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the IRS.

Sponsors

Mike Carey (R) OH

Cosponsors

Tom Emmer (R) MN, Warren Davidson (R) OH

Introduced on
Tuesday, January 21st, 2025

Subjects
Administrative law and regulatory procedures, Congressional oversight, Currency, Digital media, Financial services and investments, Internal Revenue Service (IRS), Tax administration and collection, taxpayers

SJRES 3: A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales”.

This joint resolution nullifies the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the Internal Revenue Service (IRS) on December 30, 2024. The rule generally requires persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the IRS.

Sponsors

Ted Cruz (R) TX

Cosponsors

Cynthia Lummis (R) WY, Bill Hagerty (R) TN, Thomas Tillis (R) NC, Tim Sheehy (R) MT, Ted Budd (R) NC

Introduced on
Tuesday, January 21st, 2025

Subjects
Administrative law and regulatory procedures, Congressional oversight, Currency, Digital media, Financial services and investments, Internal Revenue Service (IRS), Tax administration and collection, taxpayers

HR 386: Chinese Currency Accountability Act of 2025

Chinese Currency Accountability Act of 2025

This bill requires the United States to oppose, absent specified conditions, any increase in the weight of Chinese currency (i.e., the renminbi) in the basket of currencies (currently, a set of five currencies, each with different weightings) used to determine the value of Special Drawing Rights. Special Drawing Rights are international reserve assets created by the International Monetary Fund (IMF) to supplement member countries’ official foreign exchange reserves.

Specifically, the Department of the Treasury must instruct certain U.S. officials at the IMF to oppose any such increase unless Treasury has certified that China is in compliance with certain standards and international agreements, including that (1) China is in compliance with all general obligations of members of the IMF, (2) China has not been found to have manipulated its currency in the preceding 12 months, and (3) China adheres to the rules and principles of the Paris Club and the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits.

Sponsors

Warren Davidson (R) OH

Cosponsors

Daniel Meuser (R) PA

Introduced on
Tuesday, January 14th, 2025

Subjects
Asia, China, Congressional oversight, Currency, International monetary system and foreign exchange

S 37: VALOR Act of 2025

Venezuela Advancing Liberty, Opportunity, and Rights Act of 2025 or the VALOR Act of 2025

This bill requires or authorizes various actions, including sanctions, targeting the current government of Venezuela and any nondemocratic successor government. The bill also authorizes certain types of assistance for the people of Venezuela and to support democracy-building efforts.

Under the bill, the President

must impose property-blocking sanctions on the Venezuelan government and persons supporting the Venezuelan government;
may deny U.S. nonhumanitarian foreign assistance, arms-related assistance, and debt forgiveness to any country that provides assistance to the Venezuelan government;
may provide support to individuals and independent nongovernmental organizations to support democracy-building efforts in Venezuela;
must develop a plan to provide assistance to Venezuela under a democratically elected government, which may include food, medicine, and emergency energy assistance to meet the basic needs of Venezuelans;
must take steps to terminate sanctions under this bill once the President determines that a democratically elected government is in power (criteria for such a determination include a Venezuelan government that is the result of free and fair elections, is making progress in establishing an independent judiciary and respecting human rights, and has released all political prisoners).

The Department of the Treasury must oppose the seating of Venezuelan representatives at certain international financial institutions such as the International Monetary Fund.

Additionally, the bill prohibits U.S. persons (individuals or entities) from engaging in transactions involving Venezuela’s debt or any digital currency issued by Venezuela.

Sponsors

James Risch (R) ID

Cosponsors

Michael Bennet (D) CO, John Barrasso (R) WY, Rick Scott (R) FL, Dan Sullivan (R) AK, Bill Cassidy (R) LA, Pete Ricketts (R) NE

Introduced on
Wednesday, January 8th, 2025

Subjects
Administrative law and regulatory procedures, Business investment and capital, Civil actions and liability, Congressional oversight, Currency, Department of the Treasury, Digital media, Food assistance and relief, Foreign aid and international relief, Foreign and international banking, Foreign loans and debt, Foreign property, Human rights, International organizations and cooperation, Latin America, Licensing and registrations, Multilateral development programs, Sanctions, Securities

HR 148: Keep Your Coins Act of 2025

Keep Your Coins Act of 2025

This bill prohibits federal agencies from restricting a person’s use of convertible virtual currency for their own purposes or to conduct transactions through a self-hosted wallet.

Sponsors

Warren Davidson (R) OH

Cosponsors

Nicholas Begich (R) AK

Introduced on
Friday, January 3rd, 2025

Subjects
Bank accounts, deposits, capital, Currency, Digital media

HR 98: End Endless Criminal Statutes Act

End Endless Criminal Statutes Act

This bill permits individuals and organizations to make and pass metal coins intended for use as real money so long as the coins are of original design (i.e., do not resemble U.S. or foreign currency). Additionally, the bill repeals various federal misdemeanor offenses (i.e., criminal offenses punishable by a maximum prison term of one year or less), including the following:

writing a check for less than $1,
selling oleomargarine or colored margarine unless it complies with packaging and labeling requirements and is served in a triangular shape,
removing a stamp from a piece of mail,
boarding a vessel without authorization before it has been completely moored, and
using the Capitol Grounds as a playground.

Sponsors

Andy Biggs (R) AZ

Cosponsors

Chip Roy (R) TX

Introduced on
Friday, January 3rd, 2025

Subjects
Bank accounts, deposits, capital, Crimes against property, Currency, Fraud offenses and financial crimes, Fruit and vegetables, Marine and inland water transportation, Postal service, U.S. Capitol