The Senate may pass the House's crypto market structure bill

Tom Emmer, Acting House Majority Leader (R-MN), expressed confidence that the Senate will eventually pass the House's crypto market structure bill, known as the #CLARITY Act. Although the Senate is drafting its own version and is expected to discuss it in September, Emmer believes that the tight timeline (the White House wants the bill passed before September 30) will force the Senate to rely on the House's legal framework.

Emmer emphasized that the House has spent years researching this issue, while the Senate has not had a similar amount of time. He noted that the Senate may make "adjustments or improvements" to the CLARITY Act, but still believes that the House's bill will serve as the foundation for the Senate's work.

Previously, the Senate Banking Committee released an initial draft of the crypto market structure bill, which has some differences from the House's CLARITY Act. Senate Banking Committee Chairman Tim Scott (R-SC) acknowledged the House's work and expressed a desire to establish "clear rules for digital assets to protect investors, promote innovation, and keep the future of digital finance in the U.S."

History shows that the House and Senate have previously "clashed" over crypto legislation; for example, the Senate passed the stablecoin bill (#GENIUS Act) first, and the House later agreed to pass it without changes. This suggests that a similar scenario could repeat with the crypto market structure bill.