U.S. House Ditching Its Stablecoin Bill to Back Trump’s Choice From Senate
President Trump’s ambitious goal of enacting two significant crypto laws this summer hinges on the House of Representatives’ vote on the Senate’s stablecoin bill, the GENIUS Act, potentially marking a significant legislative win for the crypto sector during “Crypto Week.” This follows the Senate’s recent passage of the GENIUS Act, aiming to regulate stablecoin issuers. The House will vote on the bill without amending it to match its own STABLE Act, prioritizing swift passage and a presidential signature. This would make it the first major US crypto regulation.
The larger focus shifts to the Digital Asset Market Clarity Act, which aims to establish comprehensive federal oversight of US crypto markets. This bill, having already cleared House committees, awaits a full House vote before heading to the Senate. President Trump’s influence is evident: he urges swift Senate approval, avoiding potential delays from amendments.
Senator Hagerty, the GENIUS Act’s sponsor, anticipates its enactment and collaboration on the Clarity Act. Senator Scott, while setting a September 30th deadline for market structure legislation, views the Clarity Act as a strong template. However, Senate passage requires agreement from the Agriculture Committee, currently lagging. Their chairman, John Boozman, favors the CFTC as the primary crypto regulator and plans a committee hearing this month.
The Clarity Act enjoys House support, and industry advocacy groups like Stand With Crypto actively promote its passage, highlighting its benefits for innovation, consumer protection, and national security. Industry leaders, including Ripple CEO Brad Garlinghouse, presented testimony at a Senate hearing advocating for the legislation. Garlinghouse emphasizes that market structure legislation will boost US competitiveness and improve financial transactions.
Crypto Week also addresses the Anti-CBDC Surveillance State Act, aiming to prevent the Federal Reserve from issuing a central bank digital currency (CBDC). Concerns remain about the Senate’s approval of the market structure legislation. While the GENIUS Act passed with significant bipartisan support, some Democrats, including Senator Warren, have expressed reservations, raising concerns about consumer protection and national security. Further, President Trump’s involvement in the crypto industry has drawn criticism, prompting calls for legislative measures to prevent conflicts of interest. The Senate’s approval of the Clarity Act, given its typical legislative process, remains uncertain.
