US Crypto Laws and Implications for Nepal

When the world’s leading bankers convened at Sibos 2025, one topic that dominated the panels and corridors was the rise of digital assets. What was once a fringe experiment in cryptocurrency is now redefining the very architecture of finance. The timing couldn’t have been more symbolic. Just a few months earlier, the US Congress passed three landmark laws: the Genius Act, the Clarity Act, and the Anti-CBDC Act. Together, they signal a profound shift in how the world’s largest economy intends to approach the future of money. The implications of this reach far beyond Washington – its effects will be felt across the world, from Wall Street to emerging markets like Nepal, where digital currencies are so far prohibited.

Understanding the Three Acts

The Genius Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) is a comprehensive law on stablecoins which has the potential to bridge the gap between cryptocurrency and fiat. By defining how these coins must be issued, audited, and held, the Genius Act gives legitimacy to stablecoins and opens the door for them to become mainstream instruments for payments and settlements. The second law, Clarity Act (Digital Asset Market Clarity) sets out who regulates what. By clearly defining the role and responsibilities, compliance standards and legal certainty, the Clarity Act transforms the digital asset world from a speculative playground into a legitimate marketplace. The third, the Anti-CBDC Act, is a shocker. It prohibits the Fed from issuing a Central Bank Digital Currency (CBDC). The rationale behind this is the protection of privacy and freedom. There is a fear that government-issued, programmable money could open the door to surveillance and control. With this, the US has become the first major nation to ban the issuance of a CBDC, standing apart from China, India, and the EU, all of whom are experimenting with theirs.

Why It Matters

These three Acts send a powerful message: digital assets are here to stay. The implications are enormous. The first clear trend is toward public-private collaboration—a model that encourages innovation while maintaining oversight. Second, as the US endorses stablecoins and steps away from CBDCs, global standards may shift toward interoperable, privately issued digital currencies regulated under clear frameworks rather than sovereign-issued tokens. This could reshape global payment standards, shifting the focus toward interoperability among market-driven, private stablecoins rather than government-backed tokens. These Acts could serve as a template for other nations seeking to regulate digital assets without stifling innovation. The world may soon see two financial ecosystems evolving in parallel—one driven by central banks, the other by regulated private players. This divergence may lead to competing monetary systems and fragmented regulatory approaches, reshaping the next decade of financial innovation. Time will tell which approach prevails, but the world is watching closely.

Relevance for Nepal

In Nepal, where use and trade of cryptocurrencies is prohibited, these shifts present both risks and opportunities. The most immediate impact could emerge in cross-border payments. The adoption of stablecoins for remittance would mean faster, cheaper cross-border transfers. However, it will also bring new regulatory challenges in the space of AML/CFT compliance and monetary sovereignty. Second, Nepal Rastra Bank (NRB) and policymakers may need to rethink their approach to digital currency strategy. The anti-CBDC stance in the US contrasts with NRB’s exploration of a potential digital Nepali rupee. Though the Anti-CBDC Act rejects a state-issued digital currency, it also opens space for regulated private stablecoins under regulatory supervision. Given this, it may be worthwhile to explore a hybrid approach – allow private entities to issue stablecoins under the central bank oversight which could balance innovation with control. Third, regulatory clarity on foreign issued stablecoins will become necessary. As digital assets increasingly integrate into global payments infrastructure, Nepal must consider how to treat them and examine the regulatory guidelines for their adoption.

The Road Ahead

The US may have just redefined the playbook for digital assets. Instead of choosing between regulation and innovation, it is opting for both. This shift will shape how money moves, how trust is built, and how privacy is protected in the digital era.

For Nepal, the message is clear: the digital asset revolution will not wait. Staying silent or isolated will not keep disruption at bay. While the country can and should exercise caution, it must also remain alert to the new architecture of global finance.

The future of money is being coded today, and nations that understand, regulate, and adapt early will shape its trajectory. Digital assets are no longer a speculative sideshow; they are the new language of the financial system. Understanding and preparing for this emerging landscape is now a strategic necessity.

(Siddhi is Head of Transaction Bank at SCB Nepal and accredited Blockchain strategist from Said Business School, Oxford University. The opinions and views expressed in this review solely belong to him. They do not purport to reflect the opinions or views of the organization he works for or any other organization.)  

(This opinion article was originally published in the December 2025 issue of New Business Age magazine.)