Crypto Legislation: Real Estate Considerations
July 22, 2025
The House passed a trio of cryptocurrency, tokenization, and digital commodity-related bills last week after some midweek drama and false starts that delayed action.
Why it matters: Crypto has been a key priority for the administration and has attracted bipartisan support. The Stablecoin bill, which had previously passed the Senate, will become law with the President’s signature.
- The market structure bill, which has only passed the House, intends to cover a broader array of digital assets and set up a regulatory structure for coin and token issuance and exchange.
- The impacts for CRE finance include potential blockchain and tokenization for recordkeeping. The legislation also includes a number of studies on how blockchain might apply to existing securities markets.
By the numbers: The House Freedom Caucus delayed consideration of the bills over concerns with central bank digital currency (CBDC), but joined to advance the legislation after assurances from the White House and GOP leadership.
- The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (H.R. 1582) passed by a vote of 308-122 with the support of 102 Democrats. Twelve Republicans voted against passage.
- The Digital Asset Market Clarity (CLARITY) Act of 2025 (H.R. 3633), which addresses market structure, passed by a vote of 294-134 with the support of 78 Democrats.
- The Anti-CBDC Surveillance State Act (H.R. 1919) passed by a vote of 219-210 with the support of two Democrats.
What's next: The GENIUS Act will head to the President's desk, while the CLARITY Act and the Anti-CBDC Surveillance State Act will head to the Senate for consideration.
Go deeper: The CLARITY Act would set up a regulatory framework for digital assets split between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). Click here for a Congressional Research Services overview of the legislation.
- The CFTC would have a central role in regulating digital commodities and related intermediaries.
- The SEC would maintain authority over primary market crypto transactions, subject to a new limited exemption from SEC registration requirements for fundraising.
- The bill would require a study on non-fungible tokens (NFTs), including how they have integrated with traditional markets, including real estate.
The bottom line: The GENIUS Act is the first significant step toward a federal regulatory apparatus on digital assets. House proponents hope to press the Senate to act expediently on the market structure portions, though some Democrats have been skeptical of crypto and critical of President Donald Trump’s business dealings in the space.
Contact
David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
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