The upcoming week is poised to be an eventful one in the world of cryptocurrency and government relations. The House Financial Services Committee is gearing up to mark up market structure legislation, while the Senate appears to be on the brink of passing its stablecoin bill. These legislative developments are crucial for the crypto industry, as they could provide much-needed regulatory clarity that has been long awaited.
The market structure bill in question is the Digital Asset Market Clarity Act, also known as the Clarity Act. The House Financial Services Committee and the House Agriculture Committee are set to hold markups on this bill next Tuesday. The outcome of these markups will determine whether the bill advances to the broader House of Representatives for a vote. On the Senate side, the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act, or GENIUS Act, is also making progress. Senator Ruben Gallego is optimistic about bipartisan support for the bill and expects it to clear the Senate with a significant majority.
There is speculation that the GENIUS Act may be combined with the Clarity Act in the House, allowing both bills to be voted on simultaneously. However, this scenario could face pushback from lawmakers in both chambers. It is more likely that the market structure legislation will take longer to pass, possibly extending into the end of the year.
Despite these legislative developments, concerns persist about potential conflicts of interest involving President Donald Trump and his crypto ventures. Trump’s media firm, Truth Social, has filed for a bitcoin exchange-traded fund (ETF), raising questions about his financial ties to the crypto industry.
In other news from the week, Circle’s shares surged on its NYSE debut, signaling strong investor interest in stablecoin issuers. Additionally, France charged 25 individuals in connection with crypto kidnapping cases, highlighting the risks associated with the industry.
As the week unfolds, all eyes will be on Capitol Hill as lawmakers navigate the complexities of cryptocurrency regulation. The outcome of these legislative efforts could have far-reaching implications for the future of the crypto industry. Stay tuned for more updates on the State of Crypto.