House Republicans unveiled a discussion draft of a market structure bill but all eyes this week were on the Senate, where a largely bipartisan effort to advance stablecoin legislation ran up against a wall.

PS: I’ll be in Toronto next week for Consensus. In town? Come say hi.

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The narrative

Stablecoin and market structure bills are the two big things around crypto that Congress is expected to get to President Donald Trump’s desk this year. There was a press conference by crypto and AI czar David Sacks with the chairs of the House and Senate committees. Everyone had this rough deadline of “before the August recess.”

Why it matters

Of these two bills, the stablecoin legislation was supposed to be the easier lift. It’s focused on just a part of the crypto sector, while the market structure bill will define how a much broader part of the industry operates and is overseen by federal regulators. And up until just over a week ago, the stablecoin bill was largely sailing through with few issues. Now — while it’s still expected to become law — the timing of its passage is far less certain.

Breaking it down

First thing’s first: No one this reporter has spoken to this week thinks the Senate’s stablecoin bill — the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — is dead. According to multiple individuals familiar with the situation, lawmakers were already back to negotiating after Thursday’s failed vote, and lawmakers could vote again as soon as next week — potentially even Monday.

Thursday’s vote failed after Democrats raised an alarm last weekend that certain provisions around national security, the soundness of the financial system and accountability, though Go to Source to See Full Article
Author: Nikhilesh De