In a pivotal week for crypto legislation, both the U.S. Senate and the House of Representatives are poised to advance critical bills that could reshape the regulatory landscape for digital assets. The House Financial Services Committee and the House Agriculture Committee are set to mark up the Digital Asset Market Clarity Act on Tuesday, while the Senate may cast votes on the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act (GENIUS) as early as Monday. These legislative efforts aim to provide much-needed clarity to the cryptocurrency industry, which has long sought regulatory guidance from Congress. For a deeper dive into the ongoing debates, see U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer.
The Legislative Chessboard
In a conversation on Thursday, Senator Ruben Gallego expressed optimism about the GENIUS Act, anticipating a broad bipartisan vote in its favor. “We’ve worked in a very honest, earnest manner with our Republican colleagues,” Gallego remarked. “They adopted most of the amendments we’ve proposed, and we’re continuing to address concerns raised by other Democrats.” The bill requires 60 votes to clear cloture followed by a simple majority to pass the Senate entirely—an expectation that seems within reach, according to sources.
Meanwhile, the Clarity Act is likely to advance to the broader House of Representatives after Tuesday’s markup. While failure is a possibility, it currently seems unlikely. The bill’s passage would mark a significant step forward in establishing a market structure for digital assets, potentially setting a precedent for future legislation.
A Complex Path Forward
The road to regulatory clarity is not without its hurdles. One theory circulating in the halls of Congress is that the GENIUS Act could be appended to the House’s Clarity Act, allowing for a simultaneous vote on both bills. However, this is not a firm plan and could face resistance from lawmakers on both sides. More likely, market structure legislation may be drawn out until the end of the year, despite ongoing concerns over former President Donald Trump’s crypto ventures. As explored in Trump’s Crypto Sherpa Bo Hines Says Crypto Legislation on Target for Quick Completion, Trump’s influence in the crypto space continues to be a point of contention.
Trump’s activities have not gone unnoticed. This week, Truth Social, his media firm, filed for a spot bitcoin exchange-traded fund (ETF) with Yorkville America and NYSE Arca. Should this product gain approval, it would open yet another avenue for Trump-affiliated entities to capitalize on burgeoning interest in cryptocurrency. This development raises questions about potential conflicts of interest as lawmakers scrutinize crypto market structure bills.
The Implications and Unresolved Questions
As the legislative process unfolds, the crypto industry watches closely. The potential passage of these bills could provide the regulatory framework that many stakeholders have longed for, fostering innovation while ensuring consumer protection. Yet, whether these legislative efforts will reach President Donald Trump’s desk by the August recess remains uncertain. Skepticism lingers among policymakers that both bills will clear the necessary hurdles by then, although stablecoin legislation appears more likely to succeed.
Looking ahead, the crypto community is left with questions about the future trajectory of digital asset regulation. Will Congress manage to pass comprehensive legislation in a timely manner? How will Trump’s crypto ties influence the debate? As these developments continue to evolve, the answers remain elusive, leaving room for speculation and debate in the coming months.
Source
This article is based on: State of Crypto: How Crypto Legislation Is Advancing
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
