The Post-Dollar Dollar: The United States’ Legislative Bet on Private Crypto Power

Bepi Pezzulli

ABSTRACT

In July 2025, the U.S. Congress advanced the most consequential digital asset legislation to date: a coordinated package comprising the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. The GENIUS Act, originating in the Senate and enacted into law after approval by the House of Representatives, forms the cornerstone of this legislative agenda. Its companion laws, the CLARITY Act and the Anti-CBDC Surveillance State Act, both originating in the House, have passed their chamber and are now before the Senate for the second reading. This paper analyzes the statutory and executive alignment that redefines the U.S. crypto-financial landscape. It examines the proposed new division of regulatory authority, the codification of stablecoin standards, and the categorical rejection of programmable central bank digital currencies. Anchored in the Trump administration’s strategic endorsement of blockchain innovation and decentralized monetary systems, the emerging legislative framework positions the United States as a free-market counterweight to the rise of surveillance-driven digital finance in authoritarian states. The analysis explores how these measures will reshape the conditions for capital formation, strengthen the architecture of regulatory accountability, and recalibrate the dollar’s strategic role in an evolving multipolar monetary competition. More than a regulatory shift, the 2025 package articulates a constitutional orientation toward crypto-governance, grounded in individual financial autonomy, competitive innovation, and institutional limits on state power. Overall, it signals a national commitment to digital monetary pluralism over centralized control.