In a significant stride for the U.S. cryptocurrency landscape, the House Agriculture and Financial Services Committees have propelled the Digital Asset Market Clarity Act forward, a move poised to reshape market oversight. On Tuesday, the committees advanced the bill with decisive votes, setting the stage for what could be a transformative week in digital asset regulation. Meanwhile, the Senate is poised to address stablecoin legislation, signaling a busy period for crypto policy in Washington.
A Bipartisan Push Forward
In a marathon session that underscored the complexities of crypto legislation, the House Financial Services Committee advanced the Clarity Act with a 32-19 vote, closely following the Agriculture Committee’s 47-6 decision. This dual-committee advancement highlights the multifaceted nature of digital asset regulation, as each committee grapples with its jurisdictional pieces. “The Clarity Act provides certainty on digital assets to market participants, fills regulatory gaps at the Commodity Futures Trading Commission and the Securities and Exchange Commission, bolsters American innovation, and brings needed customer protections,” asserted Glenn “GT” Thompson, the Agriculture panel’s chairman. His comments encapsulate the bill’s aims to clarify jurisdictional boundaries while fostering innovation.
Not everyone is entirely on board, however. Representative Angie Craig, the ranking Democrat, acknowledged the bill’s imperfections but stressed the necessity of action. “This is not a perfect bill,” she admitted, “but if we don’t act, [crypto] will grow without the consumer protections that retail investors need and deserve.”
Contentious Conversations and Criticism
The Clarity Act doesn’t come without its critics. Democrats on the House Financial Services Committee, including Representative David Scott, have voiced concerns over the bill’s potential to allow crypto firms to sidestep necessary oversight. Scott was unequivocal: “The CFTC, though essential, is not designed to oversee retail-facing investment products. This is a gift to the worst actors in this industry.” Such criticism underscores ongoing debates about the adequacy of existing regulatory bodies to manage the burgeoning crypto space.
The discourse also touches on the political, with Representative Maxine Waters raising alarm over potential conflicts of interest. She introduced an amendment to the HUD Transparency Act of 2025 to investigate the potential use of stablecoins, possibly linked to former President Donald Trump, for payments in HUD-assisted housing. Her concerns about transparency and accountability in crypto dealings highlight broader anxieties about governance and ethical oversight in digital asset markets.
The Senate’s Stablecoin Ambitions
While the House navigates the Clarity Act, the Senate is on the brink of a pivotal moment with the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act. Majority Leader John Thune has moved the stablecoin legislation towards a final vote, with industry insiders bracing for action as soon as Wednesday. The GENIUS Act seeks to establish guardrails for U.S. stablecoins, which are crucial to crypto trading infrastructure. As explored in Stablecoin Bills in House and Senate Still Need to Mesh on Several Points, the legislative process requires careful alignment between both chambers to ensure a cohesive regulatory framework.
Jaret Seiberg, a policy analyst at TD Cowen, noted the strategic maneuvering required to advance the Senate’s bill. Thune’s efforts to limit amendments underscore the legislative complexities at play, potentially smoothing the path for the GENIUS Act’s passage. With a tight legislative window, Senator Bill Hagerty’s sponsorship of the bill reflects a sense of urgency to secure its adoption amid competing Senate priorities. The crypto lobby’s influence is also evident, as detailed in Crypto lobby pushes Senate to pass stablecoin bill without debate, highlighting the industry’s push for swift legislative action.
Should the GENIUS Act clear the Senate, it will head to the House, where lawmakers face strategic decisions: integrate it with the Clarity Act, adopt the Senate’s version outright, or develop a distinct House approach. The outcome could set a precedent for how closely the two legislative bodies collaborate on crypto policy—a question with significant implications for the future regulatory landscape.
What’s Next?
As both the Clarity Act and GENIUS Act advance, the crypto community watches closely. These legislative efforts could redefine the regulatory framework for digital assets in the U.S., providing much-needed clarity and consumer protection. Yet, questions remain about the bills’ final forms and the political will to navigate contentious issues. The coming days promise to be pivotal, potentially reshaping how digital assets are governed, traded, and protected.
Source
This article is based on: Crypto Market Structure Bill Moves Out of House Committees, Stablecoin Action Pending
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.
