‍Introduction

In 2025, three legislative initiatives—the GENIUS Act, CLARITY Act, and STABLE Act—have emerged as the core of the United States' attempt to regulate digital assets. Each of these acts addresses different segments of the ecosystem. Notably, the GENIUS Act and STABLE Act focus on payment tokenization through stablecoins, while the CLARITY Act introduces a broader classification framework that may affect certain aspects of RWA tokenization, depending on how specific assets are structured.

This article outlines the scope and substance of each act and clearly distinguishes between regulations targeted at payment stablecoins and those potentially impacting RWA tokenization.

The GENIUS Act

Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 [Signed into law July 18, 2025] SEC Source

Scope and Focus

The GENIUS Act is explicitly focused on the regulation of payment stablecoins. It defines a payment stablecoin as a digital asset:

• Redeemable on a one-to-one basis for a fixed monetary value (e.g., U.S. dollar)
  
• Used for payments or settlements
  
• Backed by high-quality liquid assets such as cash or U.S. Treasury securities
  

Algorithmic and yield-bearing stablecoins are excluded from this definition.

Key Provisions

• Eligible Issuers:
  
  • Federally insured depository institutions
    
  • OCC-licensed nonbank entities
    
  • State-chartered entities (for issuances under $10 billion) if state standards align with federal requirements
    
• Reserve Requirements:
  
  • Full backing (1:1) with high-quality liquid assets
    
  • Independent audits
    
  • Compliance with AML, CTF, and sanctions rules
    
• Consumer Protections:
  
  • Ban on deceptive marketing (e.g., claims of FDIC insurance)
    
  • Guaranteed redemption at par value
    
  • Priority for stablecoin holders in case of issuer bankruptcy
    
• Regulatory Oversight:
  
  • Dual system: OCC and state regulators (for smaller issuers)
    
  • Federal Reserve and Treasury Department oversight for systemic risk
    
• Exclusions:
  
  • Algorithmic and yield-bearing stablecoins are not covered under the act. A Treasury study is mandated to assess their risks within one year.
    

Relevance to RWA Tokenization

The GENIUS Act does not cover real-world asset tokenization. It is limited in scope to payment stablecoins and excludes securities, commodities, or tokenized RWAs.

The CLARITY Act

Digital Asset Market Structure Clarity Act of 2025 [Passed in the House on July 17, 2025; Senate pending]
Congress.gov Summary
Legal Analysis – WilmerHale
Consumer Reports Position

Scope and Focus

The CLARITY Act addresses the broader digital asset ecosystem, providing regulatory classifications for digital assets under U.S. law. It is the only one of the three acts that could have implications for RWA tokenization, depending on how specific tokens are categorized.

Key Provisions

• Asset Classification Framework:
  
  • Securities: Assets that meet the Howey Test fall under SEC jurisdiction
    
  • Commodities: Decentralized assets not tied to a central issuer fall under CFTC (Commodity Futures Trading Commission) oversight (e.g., Bitcoin, Ethereum)
    
  • Stablecoins: Regulated under frameworks like the GENIUS Act
    
• Developer Exemptions:
  Non-custodial developers (e.g., protocol engineers) are exempted from some securities regulations
  

• Exchange Regulation:
  Platforms must register with either the SEC or CFTC (Commodity Futures Trading Commission) depending on the digital assets they support
  
  
• Investor Disclosures:
  Required for digital asset brokers regarding insolvency risks and asset treatment
  

Relevance to RWA Tokenization

The CLARITY Act could affect RWA tokenization if the tokenized product is categorized as a security or commodity. For instance:

• A token representing ownership in real estate or private equity could be regulated by the SEC
  
• A token backed by physical commodities might fall under the CFTC (Commodity Futures Trading Commission)
  

However, the CLARITY Act does not contain specific rules or definitions that address the structure, issuance, or treatment of tokenized real-world assets beyond the general framework for classification.

The STABLE Act

Stablecoin Transparency and Accountability for a Better Ledger Economy Act [Pending in the House Financial Services Committee] Bill Text – Congress.gov

Scope and Focus

The STABLE Act, a House-led counterpart to the GENIUS Act, also focuses on payment stablecoins, but with a stricter federal regulatory framework.

Key Provisions

• Issuance Restrictions:
  
  • Only by subsidiaries of federally insured institutions or OCC-licensed nonbanks
    
  • No state-chartered issuers permitted
    
• Reserve and Compliance Requirements:
  
  • 1:1 backing with high-quality liquid assets
    
  • Mandatory audits, AML, CTF, and sanctions compliance
    
• Two-Year Moratorium:
  
  • Imposed on non-fiat-backed stablecoins (e.g., algorithmic or endogenously collateralized stablecoins)
    
• Federal Oversight:
  
  • No role for state regulators; oversight handled solely by OCC, Federal Reserve, and Treasury
    

Relevance to RWA Tokenization

Like the GENIUS Act, the STABLE Act does not cover RWA tokenization. Its sole focus is the issuance and oversight of payment stablecoins, and it does not address securities, commodities, or tokenized representations of real-world assets.

Summary of Relevance to Tokenization

Conclusion

• The GENIUS Act and STABLE Act are narrowly focused on payment stablecoins and do not apply to tokenized securities, real estate, or other real-world assets.
  
  
• The CLARITY Act provides a broader classification framework for digital assets, and could indirectly impact RWA tokenization, depending on how tokenized products are structured and sold.
  
  
• None of the three acts currently offers a comprehensive or dedicated framework for regulating RWA tokenization. Any implications for RWA are limited to classification outcomes under the CLARITY Act.
  

This distinction is important for builders, regulators, and institutions to understand as the U.S. evolves its digital asset regulatory landscape.

At Zoniqx, we view the GENIUS Act, CLARITY Act, and STABLE Act as foundational steps toward a more structured digital asset environment. While these acts primarily focus on payment stablecoins and asset classification, their passage signals meaningful progress in defining regulatory boundaries. For the tokenization of real-world assets, which remains distinct from payment stablecoins, we continue to monitor how frameworks like the CLARITY Act evolve to ensure compliance, interoperability, and institutional readiness. Regulatory clarity—whether direct or adjacent—is essential for advancing secure, scalable, and compliant tokenization infrastructure globally.