As Stablecoin Bill Heads To House, Senate Shifts To Market Structure
The US Senate is discussing a digital asset market structure framework following the passage of the GENIUS Act, which regulates payment stablecoins. A hearing by the Senate Banking Committee’s digital asset subcommittee will feature testimonies from Coinbase and Multicoin Capital lawyers. The GENIUS Act passed the Senate with a 68 to 30 vote and is now in the House for further discussion and potential amendments. Concurrently, the House is advancing the CLARITY Act, aimed at clarifying digital asset regulations. There is uncertainty about whether the Senate will create a companion bill to the CLARITY Act. Concerns remain regarding potential conflicts of interest involving former President Trump and his connections to the crypto industry. Trump expressed willingness to sign the GENIUS Act without additional provisions if passed quickly by the House, although his focus on digital assets is uncertain amid other political pressures.
