The U.S. Senate is striving to complete its cryptocurrency legislation goals by September, but the House of Representatives remains undecided.
The U.S. Senate is actively advancing the establishment of cryptocurrency regulations, aiming to complete legislative goals by September 30.
During a press conference on Thursday, Senate Banking Committee Chairman Tim Scott stated that although this timeline exceeds the President's expected August deadline, he believes it is feasible to finalize cryptocurrency regulations before September 30.
However, the House's attitude is markedly different; Financial Services Committee Chairman French Hill has remained silent on the same timeline, suggesting that this legislative process may take longer than expected.
Despite the Senate exhibiting a high degree of unity on cryptocurrency legislation, even garnering support from some skeptics of digital assets, the House's silence highlights the divisions between the two chambers.
In the House, while the "Clarifying Act" has made progress in key committees, it remains unclear whether leadership will accept the Senate's "GENIUS Act" or continue to push forward its own version of stablecoin legislation.
The Senate's "GENIUS Act" previously passed with bipartisan support, implementing Federal Reserve-backed reserve requirements and preventing tech giants from issuing tokens. However, the House's "U.S. Innovation and Competition Act," which has been approved by committee, grants states more regulatory power and provides greater flexibility for foreign issuers. These differences reflect the ideological conflict over whether cryptocurrency regulation should focus on Washington or decentralization.
Furthermore, political factors are also impacting the legislative process. Although the August deadline set by former President Trump increased pressure, procedural hurdles remain. Even if the Senate completes its draft review before September, the coordination time with the House's proposals may extend into late fall.
However, legislative delays will have significant impacts on the U.S. market. Currently, the EU's MiCA framework is reshaping global stablecoin flows, while Asian cryptocurrency centers are leveraging the U.S. regulatory lag to attract a new wave of innovation.
Overall, each voting delay and unresolved state and federal regulatory disputes could lead to more innovation flowing overseas, exacerbating losses in the U.S. market.
