GENIUS becomes law: What it took to pass the first rules for stablecoins in the U.S.

Today we’ve got a newsy episode for you. We’re talking about the passage of the GENIUS Act — that’s the “Guiding and Establishing National Innovation for US Stablecoins Act” — which provides clear rules of the road for stablecoins in the U.S. We cover the law’s implications, the recent high-stakes vote in the House of Representatives, and the bipartisan efforts to pass this groundbreaking bill.

We also touch on the CLARITY Act — a major new “market structure” bill that would establish a clear regulatory framework for digital asset markets — which also cleared the House with bipartisan support and now heads to the Senate.

Here to help separate the signal from the noise are members of the a16z crypto team who had a front-row seat to the action. We’ve got Miles Jennings, a16z crypto’s General Counsel and Head of Policy, plus a16z Government Affairs Partners Ben Napier and Michael Reed, who are responsible for liaising with House Republicans and House Democrats, respectively. They share the inside scoop.

Timestamps:

(0:00) Introduction

(1:01) Understanding the GENIUS Act

(3:56) News Summary: What Happened in the House

(5:45) Central Bank Digital Currency (CBDC) Contention

(7:01) House Vote Drama: Republicans

(9:31) House Vote Drama: Democrats

(14:28) Winners and Losers

(16:01) Decentralized Stablecoins and SEC Involvement

(17:49) CLARITY Act and Future Legislation

(21:47) Looking Ahead

Resources:

• The GENIUS Act [full text]
• Clear rules for stablecoins and the road ahead by Chris Dixon (a16z crypto, July 2025)
• The CLARITY Act — Why it matters, what to know, and what to do by Miles Jennings and Aiden Slavin (a16z crypto, July 2025)

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