GENIUS Act Gains Bipartisan Support for Crypto Innovation

Rep. Josh Gottheimer, a Democrat from New Jersey, has expressed optimism regarding the bipartisan support for the GENIUS Act, stating that the bill has received positive feedback from Democrats. The GENIUS Act, introduced on July 10, 2025, is part of a broader legislative agenda that includes the Digital Asset Market Clarity Act of 2025 and the Anti-CBDC Surveillance State Act. These bills are currently under consideration in the U.S. House of Representatives.

The GENIUS Act, which stands for "Giving Every New Idea a U.S. Start," aims to foster innovation and entrepreneurship by providing a clear regulatory framework for emerging technologies. The bill seeks to streamline the process for startups and small businesses to navigate the complex landscape of federal regulations, thereby encouraging economic growth and job creation.

Gottheimer, alongside two other House Democrats, Don Davis and Ritchie Torres, sent a letter urging fellow Democrats to support the crypto bill. They argued that the US must not fall behind in crypto innovation, warning that doing nothing would pose greater risks and weaken US leadership in the space. The lawmakers especially back the CLARITY Act, a market structure bill led by House Financial Services Chair French Hill. They say it would help protect consumers, support innovation, and provide regulatory clarity for digital assets.

While Democratic leadership isn’t taking a formal position on the bill, the three Democrats believe that action is necessary and that improvements can be made later. “We’ve been working on these bills in some form or another for years to finally bring some certainty to the marketplace, to protect consumers,” said Gottheimer. “It’s not only good for the economy and making sure that America leads, but to finally protect consumers from a lot of these snake oil salesmen and other crypto that’s out there.”

The GENIUS Act defines stablecoins and requires them to be backed one-to-one by dollars or equivalents. The Clarity Act establishes oversight responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Gottheimer said that the measure is likely to receive support from “at least a few dozen” Democratic members, along with Republicans.

Despite procedural delays in the US House due to internal GOP disagreements over provisions targeting central bank digital currencies, three major crypto bills, including the Anti-CBDC Surveillance Act, advanced late yesterday. The introduction of these bills comes at a time when the U.S. is facing significant challenges related to technological innovation and economic recovery. By providing a clear regulatory framework and promoting transparency, these acts aim to address these challenges and pave the way for a more innovative and resilient economy.

The legislative process for these bills is ongoing, with various stages of debate and amendment expected in the coming months. The outcome of these discussions will shape the future of innovation and digital asset regulation in the U.S., with potential implications for the global economy. The GENIUS Act will be voted on first today, and the Clarity Act is expected to follow, with Gottheimer emphasizing the importance of bipartisan support for these measures.