Two major cryptocurrency bills have now passed the House: the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act, S. 1582) and the Digital Asset Market Clarity Act (Clarity Act, H.R. 3633). President Trump signed the GENIUS Act this afternoon and the Clarity Act still has to pass the Senate.
The GENIUS Act addresses the treatment and regulation of stable coins and the Clarity Act would address whether cryptocurrency will be treated as commodities or as securities, depending on various factors.
Together both bills, if enacted, will impact the tax reporting and tax treatment of cryptocurrencies.
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