Next week, the House Financial Services Committee is set to hold a markup on market structure legislation, while the Senate appears close to passing its stablecoin bill. Welcome to the latest edition of “State of Crypto,” a CoinDesk newsletter exploring the evolving relationship between cryptocurrency and government policies.
Here’s what’s clear: Several important bills are moving toward votes next week. But what remains uncertain is whether lawmakers will gather enough support to pass these bills and whether the votes are already within reach.
Why does this matter? For years, the crypto industry has been waiting for clear regulatory guidance from Congress. While some significant steps have been taken this year, next week could mark a critical turning point in establishing legislative clarity for digital assets.
Breaking it down:
**House Legislation:**
On Tuesday, the House Financial Services Committee and the House Agriculture Committee will conduct hearings on the Digital Asset Market Clarity Act (also called the Clarity Act). These markups are expected to push the bill closer to a full House vote, though there’s a slight chance it could face hurdles.
**Senate Developments:**
In the Senate, votes might begin as early as Monday on the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins 2025). Senator Ruben Gallego, a Democrat from Arizona who previously called for a pause, now anticipates broad bipartisan support. The bill needs 60 votes for cloture and a simple majority to pass.
Senator Gallego expressed optimism, saying, “We’ve worked honestly and earnestly with our Republican colleagues. Most amendments they’ve adopted are very constructive, and we believe that with all the changes, this will be a strong, comprehensive bill that everyone can support.”
**What’s on the table:**
By the end of next week, the House could have both its market structure bill and a stablecoin bill ready for consideration. Notably, the House already passed the STABLE Act, a version of the Senate’s GENIUS legislation, out of the House Financial Services Committee.
However, whether these bills will reach President Trump’s desk before the August recess remains uncertain. While stablecoin legislation is likely to pass both chambers on time, broader market structure bills may require more time — possibly until the end of the year.
**Possible legislative paths:**
One idea floating around is to merge the Senate’s GENIUS Act with the House’s Clarity Act, allowing simultaneous votes on both and streamlining passage back to the Senate. However, this approach faces resistance and is not yet a concrete plan.
**Industry and political dynamics:**
Despite ongoing concerns about conflicts of interest, such as Trump’s crypto ventures—including his media firm’s recent filings for a spot Bitcoin ETF—legislation moves forward. Meanwhile, authorities continue cracking down on illegal activities, with recent arrests linked to crypto kidnapping cases in France and domain seizures in the U.S.
**Upcoming hearings and events:**
– Tuesday and Wednesday: Hearings on the Clarity Act in the House.
– Friday: A hearing focusing on Trump’s crypto ties and the market structure bill introduced by House Republicans.
**In the broader context:**
The crypto landscape remains dynamic, with companies like Circle going public and surging in value, and Trump’s media company taking steps toward launching a Bitcoin ETF. Meanwhile, regulatory and legislative efforts are intensifying, signaling that clearer rules for digital assets may soon be within reach.
Stay tuned for next week’s developments, and if you have questions or ideas for future coverage, feel free to reach out. See you in the next edition!
