Washington, D.C. - On Tuesday, multiple developments in U.S. cryptocurrency legislation occurred, signaling potential progress in regulating the digital asset market. The House Agriculture Committee advanced the U.S. crypto market structure bill with a 47-6 vote, while the House Financial Services Committee finalized details on a related bill. Simultaneously, the Senate moved closer to a final vote on stablecoin legislation.
The House Agriculture Committee's advancement of the Clarity Act, aimed at providing regulatory clarity for digital assets, marked a significant step. The bill seeks to define jurisdictional boundaries between regulatory bodies and establish the Commodity Futures Trading Commission (CFTC) as the primary regulator for digital commodities. Representative Glenn Thompson highlighted the bill's role in bolstering innovation and protecting consumers.
The Senate is nearing a final vote on the GENIUS Act, which aims to regulate stablecoin issuers. Majority Leader John Thune's procedural move on Monday expedited the process, with a vote possibly as early as Wednesday. This legislation is crucial for setting guardrails for dollar-based stablecoins, which are vital for crypto trading.
The House bill outlines the jurisdictional borders between the two U.S. markets regulators and establishes a new leading role for the CFTC over the trading of digital commodities, which represents the bulk of crypto activity. Congressional staffers said that the products of successful markups from each committee would then be combined into a unified "committee report" to be considered by the wider House. If the GENIUS Act passes the Senate, it'll head to the House, where a similar stablecoin bill already awaits.