In a 294-134 vote, the US House of Representatives has approved a bill to regulate cryptocurrency markets, achieving a strong bipartisan majority as the matter moves forward to the Senate. The Digital Asset Market Clarity Act represents the second instance in which the House has approved a bill related to crypto market structure, following a similar bipartisan effort in the previous congressional session. This time, however, the Senate has expressed a willingness to pass its own version of the bill.
Senate Banking Committee Chairman Tim Scott has stated that he aims to complete legislation regulating the US crypto markets by September 30, and views the House's work as a 'strong template'. Industry lobbyists closely monitored the level of Democratic support for the bill, recognizing it as a crucial factor in determining the pressure the Senate will face to act.
Ultimately, the bill garnered significant Democratic backing, with 208 Republicans and 71 Democrats voting in favor. The House has now moved on to voting on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which outlines the operational framework for stablecoin issuers in the US.
The bill, having already cleared the Senate with a 68-30 vote, is expected to be approved with bipartisan support. Upon passage, the GENIUS Act will be sent directly to the desk of President Donald Trump for signing. The White House is preparing for a signing event, which would establish the GENIUS Act as the first major crypto law in the US.
Earlier this year, Trump set a deadline for completing the industry's top legislative priorities before the August congressional break. The stablecoin effort marks the first step, although market structure legislation is considered more complex and significant. The Senate may require more time to act, potentially missing Trump's deadline. The president's influence on crypto policy has been substantial, with some Democrats expressing concerns about his personal stake in the industry.
An 11th-hour negotiation with holdout Republicans on 'Crypto Week' procedural actions ultimately ended with Trump claiming to have brought them on board, only to find continued opposition later.