Crypto Market Structure Bill Moves Out of House Committees, Stablecoin Action Pending

The U.S. crypto market structure bill, known as the Digital Asset Market Clarity Act or the Clarity Act, has recently moved out of two key House committees with strong bipartisan support.

The House Agriculture Committee advanced the bill with a 47-6 vote, while the House Financial Services Committee approved it 32-19. Both committees share jurisdiction over crypto activities, making their approvals crucial steps for the bill's progress.

The Clarity Act aims to provide regulatory clarity for digital assets, and enhance protections for market participants and intermediaries.

Meanwhile, the Senate is nearing a final vote on stablecoin legislation called the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins of 2025). This bill would establish regulatory guardrails for U.S. stablecoins, focusing on anti-money laundering compliance.

Senate Majority Leader John Thune has taken procedural steps to limit amendments and push the bill toward a final vote, which could happen imminently. If passed, the GENIUS Act would then move to the House, where a similar stablecoin bill is already waiting after clearing committee hurdles. Lawmakers will need to decide whether to merge stablecoin legislation with the market structure bill or handle them separately.

There are some differences between the House and Senate stablecoin bills that still need resolution, such as stricter international regulatory reciprocity requirements in the House version and differing approaches to allowing non-financial companies to issue stablecoins.

The House bill permits such companies to issue stablecoins under regulation by the Office of the Comptroller of the Currency, whereas the Senate version bans certain public companies from issuing stablecoins.

The legislative momentum on these bills is seen as a significant step toward establishing a comprehensive U.S. regulatory framework for crypto markets and stablecoins, with expectations for stablecoin legislation to be signed into law before the congressional recess in August 2025. This progress is also viewed as a catalyst for broader crypto market growth and innovation, with some industry experts thinking it could boost Bitcoin prices and inspire other jurisdictions to adopt similar regulatory frameworks.

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