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In the spirit of all possibilities, there is a future where your digital wallet is as common as your debit card. It鈥檚 one Bitcoiners have imagined for a decade, and last week it got closer to becoming a reality. The first-ever U.S. Congress's "Crypto Week" ran from July 14 through 18. Participants saw lawmakers reach consensus and pass a game-changing bill that further clarifies the shape of the digital asset landscape in America.
Here鈥檚 how it went down, and why it鈥檚 more relevant to Canada than you might think.
Rather than a tech summit or trade show, the week鈥檚 biggest event in crypto took place on Capitol Hill. The House floor was the main stage, with lawmakers advancing three key pieces of legislation that will shape the industry鈥檚 future:
Instead of swag bags and speaker panels, lawmakers delivered the kind of legislation and clarity the crypto space has long been waiting for.
Before the CLARITY Act, the crypto industry faced an often unspoken shadowy threat from Operation Choke Point, a 2013 Obama-era program that pressured banks to cut ties with "high-risk" businesses, including lawful crypto firms, at times without clear evidence of wrongdoing. Some critics saw it as overreach, fearing regulators could simply lean on 鈥渞eputational risk鈥 to quietly cut off banking access to industries they didn鈥檛 support.
Operation Choke Point was shut down in 2017, but the memory of it lingers, casting a long shadow over the industry. The distressful name choice still raises eyebrows in crypto circles, where fears of sudden pressure from regulators haven鈥檛 entirely gone away.
The CLARITY Act passed in the House with 78 Democrats in support, a rare moment of bipartisan alignment. The bill lays out a shared framework for the SEC and CFTC, finally answering a key question: when is a token a security, and when is it a commodity? Many believe that confusion and regulatory uncertainty have slowed the industry for years.
CLARITY creates a regulatory framework that divides oversight between both the SEC and the CFTC. It clarifies a digital asset treatment, resolving a major point of confusion for developers, investors, and exchanges.聽
Until now, crypto in the U.S. has been stuck in a confusing mix of rules. At least nine federal agencies, including the SEC, CFTC, FinCEN, IRS, and OCC, along with state regulators like New York鈥檚 Department of Financial Services, all claimed some authority over the space, often with overlapping roles. The CLARITY Act splits regulatory oversight between the SEC and the CFTC through the classification of digital assets as either securities (and under the purview of the SEC) or digital commodities (and under the purview of the CFTC).
Historically, former SEC Chair Gary Gensler had been accused of regulating by enforcement. He was perceived by some as taking legal action, pushing to classify most tokens aside from Bitcoin as securities. This was a stance that clashed with the industry and created more questions than answers.聽
As the name implies, the CLARITY Act aims to bring transparency to a space that has often felt uncertain. Clearing the House was an important step, though the Senate may apply more pressure, especially from those worried about relaxing rules.聽
The bill also protects self-custody rights, a paramount concern for earlier Bitcoiners. Additionally, it introduces clear standards for token issuance and sets up a pathway for licensed digital commodity exchanges. The goal is to support innovation while still protecting investors. It should be mentioned that not everyone is satisfied, and there are still critics who say the bill does not go far enough in addressing how past enforcement gaps have slowed down the space.
There was a lengthy series of hearings, meetings, and consultations that at times made headline drama for months along the way, but also built momentum that came with raising awareness about the GENIUS Act. Despite a few rollercoaster moments that felt like a summer ride at Canada鈥檚 Wonderland, the bill secured enough Senate support. With 18 Democrats voting in favor, it became the first cryptocurrency-focused law in U.S. history.
The message is clear: after years of effort from the broader crypto community, regulators are laying down a federal framework to legitimize the space and position the country as a global contender in the digital finance sub-sector.
Some project leaders rose to the occasion and self-governed with integrity. Others took advantage of the grey areas, treating it like a law-of-the-jungle environment where 鈥渄o your own research鈥 often came with a steep tuition price. Commercial funds have recognized the yield opportunities for years now but have stayed cautious, hesitant to enter a space without clear rules and mindful of the reputational risks tied to bad actors.
Canada has taken a different approach than our American neighbors, prompted by a series of unfortunate crypto events, including the collapse of a popular algorithmic stablecoin that lost its peg and left investors to feel the fallout. Back in October of 2023, they shared CSA . The guidelines clarify that, in the CSA鈥檚 view, 鈥淰alue-Referenced Crypto Assets鈥 (VRCAs) may constitute securities and/or derivatives in several Canadian jurisdictions.
The Anti-CBDC Surveillance State Act also passed in the House on June 17th, but with a tighter margin of 219 to 210. This bill blocks the Federal Reserve from issuing or piloting a CBDC without express approval from Congress. Backed primarily by Republicans, the bill indicates an increasing apprehension over financial privacy and potential surveillance through state-backed digital money.聽
If passed, the bill would become a law prohibiting the Fed from offering a CBDC to individuals or using it in monetary policy. Only two Democrats voted in favor, showing just how divided the issue is. The bill has its supporters, but not everyone is convinced. Some say it risks putting the U.S. at a disadvantage as other countries move faster on digital finance and international payment settlements. Next stop is the Senate, where the path forward is still unclear.
CBDCs are a conversation that resonates in Canada too, where public debate raises similar questions and concerns about privacy, autonomy, and the role of government in personal finance. While the Bank of Canada announced in the fall of 2024 that it would be scaling down its work on CBDC to focus on the broader payments landscape, it has not completely closed the door on the concept. The Bank stated that it will 鈥渃ontinue to monitor global retail CBDC developments and publish some related research,鈥 with a focus on 鈥減reparing for the evolution of payments both in Canada and around the world, through policy research and analysis.鈥
While it鈥檚 true that these U.S. bills do not directly affect Canadian regulation, they do send a clear signal that further entrenches blockchain into our collective culture, and that message is reaching us. The global crypto ecosystem is shifting toward greater transparency, and markets like Canada are of course, paying attention. For Canadian investors and builders, this momentum signals that international standards are evolving, so you know team 黑暗爆料 will be watching and keeping you part of the crypto conversation.聽
We believe regulation should support innovation by creating safe, transparent pathways for participation and create a level playing field. In Canada, we鈥檙e proud of our proactive regulators, like the Canadian Securities Administrators, who enabled North America鈥檚 first Bitcoin ETF in 2021. As our country continues to define its approach, 黑暗爆料's focus remains on offering a comprehensive and compliant platform for Canadians to engage with a large range of crypto assets responsibly.
For updates on regulatory developments and educational content about digital assets, visit the 黑暗爆料 blog. To learn more about our platform, visit .
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