Title: U.S. Lawmakers Push Forward on Crypto Legislation with Key Votes Imminent
Legislative Momentum Builds for Crypto Regulation
The U.S. Congress is on the verge of significant developments in cryptocurrency regulation, as both the House and Senate prepare to advance key legislative proposals next week. In the House, the Financial Services and Agriculture Committees are scheduled to mark up the Digital Asset Market Clarity Act—commonly referred to as the Clarity Act—on Tuesday. This legislation aims to establish a clear market structure for digital assets and is expected to move forward to a full House vote, barring any unforeseen opposition. Simultaneously, the Senate is nearing a vote on the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act (GENIUS Act), with cloture and final votes potentially occurring as early as Monday. Senator Ruben Gallego, who previously halted the bill's progress, now anticipates strong bipartisan support, citing collaborative amendments that have strengthened the proposal.
Challenges Remain Despite Broad Support
Although both bills are gaining momentum, uncertainty lingers over whether they can be passed and signed into law before the August congressional recess. While the GENIUS Act appears likely to clear both chambers in the near term, the Clarity Act may face a longer path, possibly extending through the end of the year. Some lawmakers have floated the idea of combining the stablecoin legislation with the House's market structure bill to streamline the process, but early feedback suggests potential resistance in both chambers. Additionally, political scrutiny surrounding former President Donald Trump’s ties to the crypto industry—amplified by his media firm’s recent filing for a bitcoin ETF—adds complexity to the broader debate. Still, this coordinated legislative action marks a pivotal moment for the digital asset industry, offering the strongest indication yet that meaningful regulatory clarity may soon be realized.